Member Article

Nationwide profits from ‘best ever’ half year of mortgage lending

Nationwide Building Society delivered a record period of gross mortgage lending, for the six months ending 30 September 2015, up 14 per cent on the previous year.

As part of its £500m investment in its branch network, the building society has opened the first of three brand new branches in its new design in London Victoria, with Tottenham Court Road and Stratford Westfield planned for early 2016 and Spring 2016 respectively.

Nationwide saw housing market activity ‘increase modestly’ over the course of 2015, with mortgage approvals tracking this trend, while remortgage approvals rose more strongly.

The building society expects the Buy to let market to remain robust as rising house prices represent ‘healthy employment growth and demand from investors’

Reflective of a strong trading performance, Nationwide reported an increased pre-tax profit of £802m, up more than a third (34 per cent) on the same period last year.

Speaking of the result, Graham Beale, Nationwide’s chief executive, said: “This has been our best ever half year of mortgage lending along with a strong inflow of savings and the opening of over a quarter of a million new current accounts.

“Our first half performance reflects the growing strength and security of the Society with all of our core product areas delivering standout results.” “This confirms that we are the genuine alternative to the banks for those customers looking for a broad range of good quality products and leading customer service.

“Mutuals, like Nationwide, are different from the banks. We serve a social purpose by providing a safe home for savings and finance for home ownership. Nationwide is evidence that you can be successful by doing the right thing.”

This was posted in Bdaily's Members' News section by Ellen Forster .