Its not all doom & gloom

Its not all doom & gloom as the media would like us to believe, just look at these figures and facts from the Nationwide. Like others a meaningful lender who are still in the market to lend. With loans up to 95% LTV and some of the keanest rates around, they are in here from the long haul with a real desire to lend.

“The Nationwide, the UK’s largest building society, says it increased mortgage lending sharply last year and is now looking at lending to companies.

Mortgage lending rose 44% to £18.4bn in the year to 4 April, with the number of first-time buyer loans up 9% to 24,000.

Nationwide also said it had set aside £103m to cover potential claims for mis-sold personal protection insurance (PPI), compared with £16m a year ago.

Profits fell from £317m to £203m after a number of one-off costs.

These included £75m for the Financial Services Compensation Scheme and the bank levy, higher than last year’s £50m. Other exceptional costs included £61m to cover restructuring measures.

It said its underlying profit for the year was £304m, up 10% from £276m last year.
‘Natural extension’
The society said it was planning to begin lending to small and medium-sized businesses (SMEs).

Nationwide’s chief executive, Graham Beale, said the move was in response to demand from existing borrowers.

“We’re already a lender to the commercial real estate sector, we’ve been asked by customers to provide them with a corporate lending facility,” he said.

“We just feel it’s a natural extension of what we can do.”

SMEs have complained that, despite moves to boost bank lending, there is a scarcity of available credit.

The government drew up an accord, dubbed Project Merlin, between it and the main High Street banks to encourage them to provide more loans to SMEs.”

Posted on May 24, 2012 by Peter Marriott, in: Uncategorized

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