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Santander UK’s gross mortgage lending up 29% in Q3

Santander UK has seen a 29 per cent increase in gross mortgage lending in Q3 of 2011.

The bank did gross lending of £7.1bn in Q3 of the year, compared to £5.5bn in Q2 2011 and £4.2bn in Q1 of 2011.

So far this year it has carried out £16.8bn in gross mortgage lending, compared to £19.2bn this time last year – a 13 per cent decrease.

Its share of the gross mortgage lending market now stands at 16.5 per cent, down from 19 per cent the same time last year.

Net mortgage lending amounted to £0.6bn in Q3, up from £0.2bn in Q2 , with the average LTV 65 per cent.

It says first half lending was impacted by a weaker pipeline from the last quarter of 2010 during which the market pricing became less attractive in the lower LTV segments of the market.

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