The Society's interim results show that gross mortgage lending rose by 14% to £14.9 billion representing a 13.2% share of the market, while net lending was also up 14% at £4.1 billion – a 21.2% market share.
Nationwide helped 25,700 first time buyers onto the property ladder during the first half of 2015/16 - an 8% increase on the same period of 2014/15. First time buyers now account for 50% of the Society’s house purchase loans, against a market average of 46%.
To broaden support for the market, Nationwide recently launched a range of 5% deposit mortgages and will take part in the Government’s Help to Buy ISA initiative from 1 December 2015. The Society has also continued to participate in the Help to Buy shared equity scheme, in which it accounts for over a third of all cases.
For buy-to-let lending, over the first half of the year TMW gross advances accounted for £2.9 billion of total mortgage lending, up 33% and representing a 15% share of gross buy to let lending in the UK.
Chris Rhodes, Nationwide’s Executive Director of Retail, said:
“What is clear from these strong results is that Nationwide has continued to marry competitive products and leading customer service to maintain its position as the leading alternative to the banks.
“This is borne out by the numbers, which show that not only do many people see the Society as the number one option for their current account, but they also view Nationwide as the home for their savings and the organisation which can get them into their own home. We hope that we have demonstrated that there’s never been a better time to join us – at whatever stage of life you are.”
