Nationwide: UK mortgage lending drops 40%

Nationwide today said new mortgage lending dropped by almost half last year as the UK’s biggest building society looked to weather the credit storm.

Nationwide: UK mortgage lending drops 40%
Thu, 22 May, 2008 - 09:38

Nationwide today said new mortgage lending dropped by almost half last year as the UK’s biggest building society looked to weather the credit storm.

The society lent £6.7bn (€8.4bn) on new mortgages in the year to April 4 – 40% below the previous 12 months – although underlying pre-tax profits rose 17% to £781.1m (€977m).

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