UK Finance – Gross mortgage lending up 4 per cent in 2017
Mortgage data for 2017 published by UK Finance has found that a gross total of £257bn in lending was completed by its members, up 4 per cent on 2016.
Based on market share, Lloyds Banking Group continues to hold the largest mortgage book of UK Finance members, with 16 per cent of the market in 2017.
LBG is followed by Nationwide, with 12.3 per cent share, RBS with 12 per cent, Santander with 9.8 per cent and Barclays with 9 per cent.
HSBC, Coventry, Virgin Money, Yorkshire Building Society and TSB round off the top 10 lenders with the largest share of the mortgage market.
There are now 65 lenders measured in the UK Finance data, up from 60 in 2017.
Among the other strong performers on the table are Paragon, which climbed from number 21 to 19 on the table and Legal and General which jumped from 27 to 23 place. Other lenders moving up the ranks were Tesco Bank, Metro Bank, Foundation Home Loans, and Pepper UK.
UK Finance analyst Callum Bilbe says: “2017 was a good year for the mortgage market with more lenders competing for business, and gross lending continuing on an upward trend.
“In our most recent market forecasts we predicted gross lending of £260 billion in 2018 – an increase of about two per cent. Lending in the early months of 2018 has, so far, outpaced our forecasts, driven largely by stronger-than-expected remortgage activity.
“The uncertainties we set out last year – not least those relating to the UK economy – remain; these have the potential to affect the path of lending for the rest of this year and beyond. However, the market has shown this year that, yet again, it is competitive and robust enough to continue to help UK mortgage customers as their needs change.”
Source: Mortgage Strategy