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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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