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Nationwide doubles expectations with 15.7% share of net lending

Nationwide has increased its share of net mortgage lending to 15.7 per cent, well above its expected market share of 7.9 per cent.

Commercial and treasury director Stuart Bernau says Nationwide wrote the same amount of mortgage business in the first half of 2003 as it did in the whole of 2002.

Its interim results show its gross market share stands at 9 per cent, a 1 per cent increase from the Council of Mortgage Lenders&#39 figure of 8 per cent in July.

Bernau says the increase is a result of lenders such as Barclays losing some of their market share. He also believes HBOS could find it hard to maintain its 26 per cent market share.

Nationwide&#39s profits were £188.4m in the six months to October from £154.2m last year while total assets grew by 9.9 per cent to £93.9bn from £85.4bn in April.

Bernau says: “We are not the sort of organisation to grow through mergers or takeovers. All of our growth is coming from business joining us because of our pricing policy.

“We are retaining far more of our customer base than many of our competitors, many of whom lose the same amount of business that they write.”


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The green house effect

The Ethical Investment Association is holding a seminar with the theme of Property and Land, the Ethical Way. Being held in Birmingham on December 1, the seminar will look at alternatives to equities and sociallyand environmentally-responsible ways of borrowing to finance house purchases. Speakers will include John Fleetwood of Philips Securities, discussing a new discretionary […]

Firms told collaboration would improve admin

Cofunds chairman Charles Eppinger is calling for a committee to be set up to monitor administration and operations processes in financial services firms. Eppinger, who is also chief executive of International Financial Data Services, believes there are many unnecessary costs embedded in the way most companies operate that could be eliminated if there was more […]

Tenet launch multi-manager service

Tenet&#39s M&E and Interdependence Networks have launch a campaign to help members use Multi-Managers with exclusive support from Scottish Widows, Skandia Investment Management and Abbey. The three providers are working with the networks to share their expertise and resources and help members inform their clients. Tenet director of group marketing & communications Alison Dootson says: […]

When will US rates rise?

By Felix Wintle, Investment Director & Head of US Equities The most recent communication from Federal Reserve chair Janet Yellen has put the market’s sights on September as the most likely month for the first rate rise. This is due to the stronger than expected economic data of late, particularly in employment and housing, which […]


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