Woolwich lending rises 13 per cent

Sarah Davidson

August 6, 2010

Barclays director of intermediary, David Finlay, said the Woolwich is firmly committed to both intermediaries and the UK mortgage market.

He said: “These figures show our commitment to the market. We continue to believe in the UK mortgage market and support both intermediaries and direct customers in visible, financial ways.

“We have actually increased our lending to UK homeowners and we are spreading that commitment across both intermediaries and directly through our branch network”.

Barclays said in its results statement that it has increased its customer base to 913,000 mortgage accounts, up 79,000 compared to 31st December 2009. The average loan to value for new mortgages was 51% and the average loan to value of the mortgage book was 42%.

Barclays’ market share by value of gross advances over the first half in UK mortgages was 14%.

The results statement added: “The average loan-to-value ratio of new mortgage lending was 51%, continuing the conservative approach to lending. Impairment charges decreased 14%, driven by low interest rates and improvements in the quality of new business. As a result, net income grew 6% to £1,724m (2009: £1,630m).”

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