Nationwide has released their annual report revealing that mortgage lending fell 21.7% from £26.3bn last year compared to the previous 12 months.
However, the report also shows that the firm’s market share of home loan lending had increased in the year to April 4, rising from 10.8% to 11.5%.
Profits for the building society in the last financial year were down from £2.3bn to £2bn, due to the “impact of rising interest rates was largely offset by a highly competitive mortgage market”.
The mutual added that over the same period, mortgage balances rose 1.4% to £204.5bn, marginally boosting its market share by 1 basis point to 12.3%.
Nationwide released the report the day after it was announced that Virgin Money shareholders had accepted their £2.9bn takeover offer. Once completed, it will create the UK’s second-largest mortgage lender after Lloyds.
Nationwide chief executive Debbie Crosbie says: “In March 2024, we confirmed our offer to buy Virgin Money.
“I believe this deal offers an exciting opportunity to create a more diverse business that delivers even more value to our members and will strengthen Nationwide financially.
“We continue to make good progress on our plans and expect to complete the acquisition in the final quarter of 2024, subject to regulatory approval.”
