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Friday 30th of October 2009
October 29, 2009    

Abbey captures one-fifth of UK mortgage market

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by Gill Montia
”Abbey

Abbey has captured 20.5% of the UK mortgage market.

The share is up from 16.3% of gross mortgage lending during the six months to the end of June 2009.

Impressively, the bank’s prudent approach to lending meant that arrears of three months or more stood at 1.34% in the third quarter of the year, compared with an industry average of 2.43%.

The lender, which forms part of the Santander group, saw profit increase 37% in the three months to the end of September, compared to a year earlier, as net mortgage lending in the UK hit £5.1 billion for the year so far.

Abbey (including Alliance & Leicester) took up its position as the UK’s second-biggest mortgage lender in the summer and recently launched a broker-only version of its Homebuyer plus range.

Parent company, Santander’s, acquisition of Bradford & Bingley’s £20 billion savings book last year will have assisted in the expansion by easing the need for the group to access money market funding.

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