Nationwide Building Society has published its full year results, reporting a rise in gross mortgage lending of 31% to £28.1 billion. Net lending is up 52% at £9.9 billion.
The UK’s largest building society has a market share of 14.9% of UK residential mortgage lending
The Society’s support for first time buyers includes its own Save to Buy product enabling customers to access 95% LTV mortgages after saving for at least six months. More than 45,000 members are currently regularly saving in this scheme prior to applying for their first mortgage or moving up the property ladder.
Support for first time buyers increased by 37%, helping 58,100 borrowers to get on the housing ladder.
The Mortgage Works’ (TMW) gross advances accounted for £3.7 billion (an increase of 12% on 2013) of the Nationwide’s total mortgage lending, with net lending of £1.7 billion.
Chris Rhodes, Nationwide’s Executive Director, said: “The message that mutuality means better deals for members is clearly getting through. Nationwide has continued to increase the amount it lends, including providing one in five of all first time buyer mortgages over the last year. And our existing customers continue to benefit too.
“The combination of competitive products and our reputation for excellent customer service continue to ensure Nationwide stands out from its competitors, while at the same time supporting those in housing need; for Nationwide, it’s part of our mutual difference.”
