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Nationwide’s mortgage lending falls by almost £1b


Nationwide Building Society’s mortgage lending has fallen by almost £1 billion over the past six months, its interim results show.

Nationwide, Britain’s biggest building society, has released figures showing lending at £13.1bn for the six months to September 30, down £900m from the six months to March 30. Net lending was £2bn lower at £3.6bn.

New mortgages lending rules, know as the Mortgage Market Review, has been named as one of the reasons mortgage lending has fallen. The regulations were brought in by the Financial Conduct Authority in April to ensure everyone who was given a mortgage would have the capability to pay it back, and it seems to have reduced the amount of mortgage lending across the board.

Even though Nationwide’s mortgage lending fell, it’s pre-tax profit more than doubled, from £281m to £598m.

The results also show Nationwide has grown its share of the current account market to 6.6%, as well as increasing its ISA sales and mobile banking use.

Graham Beale, Chief Executive of Nationwide Building Society, said:

“We have developed new products, invested in technologies which give our members greater choice in the way they manage their financial affairs, and have rewarded loyal members with some market-leading product offers. Alongside this, we have delivered a strong financial performance and improved our capital position. As a result, our Common Equity Tier 1 ratio is the highest in our peer group, which underlines our position as a safe and secure financial services provider for our members.”

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