Santander mortgage lending increases by over 30 per cent.
Gross Santander mortgage lending in the UK increased by 34 per cent in Q1 of 2012 according recently announced figures.
Santander carried out around £5.6 billion in gross mortgage lending in Q1 of 2012, as compared to the £4.2 billion carried out during same period the year previously.
However net Santander mortgage lending figures for the Q1 of this year are £200 million which does not compare as favourably to the £600 million in first quarter of 2011.
Santander advises that it has had to tightened its risk in the UK mortgage market and is therefore reducing its business for both high LTV and interest-only mortgages. The lender anticipates that its mortgage stock will contract over the coming year.
The UK lender announced that it was tightening interest-only lending criteria in March this year stating that the move was to improve both the profitability and credit quality of its mortgage book.
Mortgages will continue to be a core part of Santander's retail offering in 2012 through both intermediary and direct channels.
The Santander Group have announced post tax profit of €1.6 billion which is down around 24% on the previous year, due to provision for non-performing loans.
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