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Barclays’ mortgage lending up a third on 2013
Guest Author:
Adam Williams and Nick PalerBarclays increased its new mortgage lending by a third during the first half of the year, figures from its interim statement have shown.
The bank completed £10.2bn mortgage lending in the first six months of 2014, a 33% rise on the same period last year.
This resulted in a 2% increase in net mortgage lending to take its total mortgage balances to £125bn.
Barclays attributed the mortgage figures to increased confidence in the housing market and a bigger appetite for lending above 85% loan-to-value.
Rising house prices also caused the volume of loans above 100% LTV to drop significantly. Barclays now holds £910m of loans worth more than the property’s value, a 43% reduction on last year.
Interest-only mortgages comprise £52.5bn of the total £125bn, £43bn are owner-occupied with the remaining £9bn buy-to-let.
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Overall, Barclays reported a 7% fall in underlying profits for the first half.