Abbey takes two in five mortgage applications in second quarter
July 30th, 2008 by Yas
Abbey National, owned by Santander, said on Tuesday it took almost 2 out of the 5 UK mortgages that were written in the second quarter, beating their largest rivals HBOS.
The lender, has managed to take advantage of the turmoil of mortgage rivals whilst they grapple during the impact of the closure of wholesale loan markets.
Whilst many banks have cut back their lending, Abbey wrote 15.9% of net new mortgage lending in the first ¼ of 08. Abbey’s share of net new mortgage lending in the next quarter accelerated to around 40%, giving it an overall total of around 25% for the first part of the year.
In spite of Abbey National’s growth spurt during this year, HBOS still remains the UK’s largest mortgage lender. It has 20% of all the home loans market and a loan book around £235 billion.
In the past 8 years Abbey’s share of the UK mortgage market fell from around 13% to 9% last year.
When Abbey takes over the Alliance & Leicester its market share will rise once again to about 13% and the combined loan book of the two will be about £153.3 billion.
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