Nationwide Doubles Mortgage Lending Volume

One of UK leading lenders, Nationwide, increased its mortgage lending by almost 50% in the first 6 months of 2011.

According to the latest report by Nationwide, the mortgage lending by the building society increased 48% in the first 6 months of 2011 compared to the same time period in 2010.

The lender did gross mortgage lending of 8.9 billion pounds in the first 2 quarters of this year, which compares to only 6 billion last year.

The market share of Nationwide increased from 8.5% to 12.4% as well.

At the same time, the mortgage arm of Nationwide, The Mortgage Works, also increased its lending to potential homeowners by 50%. This year, The Mortgage Works lent 2.6 billion pounds, up from 1.3 billion in 2010.

Commenting on the figures, Graham Beale of Nationwide, said: "It is particularly pleasing to see a 48% increase in our gross mortgage lending, which demonstrates our commitment to supporting growth in the economy as well as meeting the needs of our borrowers."