Santander retains 18% mortgage market share
Santander UK has released its full year results for 2010 and they show that they retained their 18% share of the mortgage market, despite seeing a slight drop in gross mortgage lending.
It completed £24.2 bn of gross mortgage lending in 2010, slightly down on £26.4 bn in 2009. In the first six months of 2010 it had gross lending of £12.3 billion, slightly up on the last six months when it did £11.9 bn in gross mortgage lending. Overall Santander UK made a profit after tax of £1.7 bn up 11% on 2009.
Interestingly, Santander's stock of properties in possession increased slightly to 873 cases from 820 in 2009, but still represent only 0.05% of their lending book. The mortgage non-performing loan ratio decreased for the third consecutive quarter to 1.29% from 1.37% a year ago.
Santander's borrowers had a average deposit of 37% in 2010 and the average property mortgaged with them is just over 50% loan to value.
February 4, 2011
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