Nationwide doubles lending to first-time buyers
The society has lent £2.5bn to 20,000 first-time buyers, doubling the amount it lent in the same period last year, almost matching the amount it lent to 24,000 first -time buyers in the whole of the previous financial year.
Graham Beale, Nationwide’s chief executive, said the society has continued to live up to its promise of being on the side of its customers.
He said: “The first half of the year was our highest six month mortgage lending period for four years and we have helped almost twice as many first-time buyers finance their new homes.”
Nearly 30% of all the society’s lending in the first six months of this financial year, excluding further advances, was to first-time buyers.
Nationwide would be expected to lend to around 10% of all first-time buyers given its size however its results showed that the society had lent to almost twice that amount by offering mortgages to more than 18% of all first-time buyers.
Beale said Nationwide had played its part in supporting the UK’s economic recovery by increasing its lending activities.
He said: “Our gross mortgage lending increased 15% to £10.2 bn and within this £2.5 billion was lent to first-time buyers.”
Nationwide has participated in both the NewBuy and MI New Home government schemes from their inception and has produced an impartial guide for first-time buyers which has been downloaded more than 78,000 times this year.
And the society launched a major initiative to boost the UKs capabilities in housing, money management skills and communities pledging to help 750,000 people into a home of their own.