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Nationwide’s gross lending up 44%

Nationwide increased its gross lending by 44 per cent in the twelve months to April 4, 2012, to reach £18.4bn, up from £12.8bn in 2011.

It helped over 24,000 first-time buyers during the year, a 9 per cent increase on last year .

Group residential mortgage accounts more than three months in arrears were 0.73 per cent, also slightly down from 0.77 per cent in 2011.

It has maintained its Base Mortgage Rate pledge, which means many borrowers have reverted to a rate capped at 2 per cent above the Bank of England’s 0.5 per cent base rate.

The lender estimates this has cost it £750m so far, meaning each customer has benefited by around £1,000.

The lender also increased its buy-to-let lending to £4.4bn during the year, up from £3bn in 2011.

Overall, Nationwide’s underlying profits rose by 10 per cent to £304m in the year.

Its results were hit by a £103m charge for complaints relating to the mis-selling of PPI. It has seen complaints about PPI quadruple in the last six months.


Govt snubs mutual and diversity rule

The Government has voted down an amendment to the Financial Services Bill which would have inserted the coalition agreement pledge to promote mutuals and foster diversity in financial services into the new regulatory architecture. The coalition agreement, published in the wake on the 2010 general election, committed the Government to promoting mutual ownership and diversity […]

Tulloch steps back to focus on fund role

First State Stewart joint managing partner Angus Tulloch is stepping down from the role to concentrate on his fund management responsibilities. Tulloch will continue to manage the £5.8bn First State Asia Pacific leaders fund and the £781m First State Asia Pacific fund. He will also continue in his role as head of Asia Pacific excluding […]


Ken Davy to launch new restricted national firm

SimplyBiz chairman Ken Davy is launching a new restricted national advice business which he aims to grow into one of the biggest nationals in the UK. He says the firm, which has not yet been branded, is likely to be a separate entity to the SimplyBiz Group but SimplyBiz will invest around £2m in the […]

Chris Gilchrist: We need an inquiry

Who will guard the guards was a key question in Plato’s Republic and has regularly resurfaced in politics ever since. Because democracies have to entrust power to agencies acting on behalf of the people, it is vital that these agencies are held to account. The FSA is exactly the kind of guardian that most people […]


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