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Santander’s gross mortgage lending down 21%

Santander’s gross mortgage lending in the first half of the year was 21 per cent lower than the same period in 2010.

The Spanish bank lent £9.7bn in the UK in the first half of the year, down from £12.3bn in the first six months of 2010.

This drop in lending meant its share of the UK mortgage market, in terms of gross lending, fell from 19.1 per cent in the first half of 2010 to 15.4 per cent. The average loan-to-value of new lending was 64 per cent.

Santander UK’s pre-tax profit in the first half of the year was £1.1bn, down 3 per cent on the same period last year.

Santander UK chief executive Ana Botin says: “Santander UK has delivered robust performances across all business areas this year, and we have taken some significant steps in our programme to improve customer service including returning our overseas retail banking call centres to the UK.

“We have maintained our industry-leading range of “best buy” products for our retail customers, and are achieving improved levels of service satisfaction in our retail, corporate banking and intermediaries businesses.”


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There is one comment at the moment, we would love to hear your opinion too.

  1. That is hardly surprising! The service standards for the intermediaries are really bad. I have had occassions where I have advised clients to go direct because of dual pricing and all of them have had offers within a week yet I have 5 cases on go at the moment, with Abbey asking for a spate of requirements in drips – one after the other with service elapses on average of 3 days. All these case have been dragging on for more than 3 weeks now with the earliest one going back to 16/06/2011.
    No wonder they are down on their lending, as I am sure a number of intermediaries like me are not putting any new cases to them. Having a competitive product is simply not good enough without service backing!

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