Drop in Nationwide Mortgage Lending

December 25, 2014 by in category Mortgage News with 0 and 0

The building society’s interim results show that Nationwide gross mortgage lending has fallen by nearly £1bn.

Nationwide says the economy is “becoming more tolerant to an increase in interest rates” but warns arrears rates are likely to increase for prime and specialists mortgages whenever interest rates do rise.
Chief executive Graham Beale says Nationwide is not expecting the base rate to increase “before the start of our next financial year”. He expects future rises will be gradual and below pre-crisis levels.
Beale adds the building society’s improved performance reflects a market realignment of net interest margins that is now “largely complete.”

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