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Abbey National loses grip on mortgage market


Abbey National lost its grip on the mortgage industry in the first half of 1999 suffering a 0.7 drop in market share.


The lender which is set to invest £100m in developing its internet banking service is using its interim results to estimate its overall share of the mortgage market dropped to 2.4 per cent in the first six months of 1999 from 3.1 per cent at the end of 1998.


Despite failing to achieve its target of taking 5 per cent of the mortgage market the bank&#39s pre tax profits increased 17.5 per cent to £875m in the first six months to June 30 1998 from £748m over the same period in 1998.


Abbey estimates it took £1bn in Isa funds which represents 18 per, cent of the cash Isa market and 14 per cent of the investment Isa market.


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