Mortgage lending balances increased by 59% in the first nine months of 2014 compared to the same period last year.
£4.2bn (20%) of gross lending was advanced to first-time buyers, with 30,800 borrowers purchasing their first home through Santander. Lending to Help to Buy borrowers totalled £900m between January and September, with 6,000 transactions in total.
Pre-tax profits grew 26% to £1.01bn in the first nine months of the year, up from £803m at the same point 12 months previously.
SVR mortgage loan balances fell £6.3bn in the first nine months of 2014 to £46bn.
Santander chief executive Nathan Bostock says:
“The UK economic backdrop continues to be positive for commercial activity but regulatory uncertainty remains in the areas of capital, leverage, conduct and banking reform pursuant to the recommendations of the independent commission on banking.
“An early completion of this demanding reform agenda in a proportionate way will help us to contribute fully to the UK economic recovery.”
The lender made no further provisions for redress in Q3 2014, having allocated £133m in the first six months of the year for PPI mis-selling redress and a further £128m in conduct provisions relating to interest-rate hedging product mis-selling and retail investments.
