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Santander boosts lending by 43%

Santander increased its mortgage lending 43 per cent year-on-year in 2014.

Publishing its results for the 12 months ending 31 December 2014 today, the bank revealed it lent £26.3bn last year, up from £18.4bn the year before.

This means its market share grew from 10.4 per cent at the end of 2013 to 12.8 per cent a year later.

Net lending reached £2bn last year, compared with a negative figure of £8.5bn the year before.

The average LTV of new lending last year was 65 per cent.

SVR mortgage balances fell £8.4bn to £43.9bn, although Santander says it has retained 80 per cent of customers with maturing products. Interest-only mortgage balances decreased from £59bn to £56.9bn over the course of 2014.

The results also reveal the bank set aside £45m for investment advice misselling claims after an FCA investigation found “significant deficiencies” in the bank’s suitability processes.

Santander was fined £12.4m by the regulator in March 2014 for failings in its investment advice arm. The regulator mystery shopping exercise also uncovered problems with some of the bank’s financial promotions and communications.


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Lib Dems to set out plans for £8bn in tax rises

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Standard Life moves into advice with Pearson Jones deal

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ABI calls on Govt to allow transfers out of high charging pensions

The Association of British Insurers wants the power to transfer savers out of legacy, high charging pension schemes without their consent. An audit of legacy schemes found up to £26bn of assets trapped in plans with charges over 1 per cent. Following the audit, pensions minister Steve Webb said he was “shocked” and would be holding crunch […]

UK gilts: Shaken and stirred

Mike Riddell, fixed income portfolio manager at Allianz Global Investors, reviews the performance of the UK government bonds market post-Brexit and assesses its future prospects, as well as giving his outlook for global fixed income markets and yields movements. In addition, he provides a brief analysis of the impact of Brexit and the Bank of […]


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