Spanish Lender Santander funds nearly one in five mortgages in UK

Santander - funds One in Five Morgages in UK

Santander – funds One in Five Morgages in UK

Despite a drop in gross and net lending, Spanish lender Santander’s UK arm managed to capture 18% of the UK mortgage market.

The bank managed to forward advances worth £5.5 billion in 2010, a near 28% drop from 2009’s net mortgage lending of £7.6 billion.

Gross mortgage lending for the year stood at £24.2 billion, down from £26.4 billion it had unwritten in 2009.

The bank’s first six months (H1, 2010) saw gross lending going up to £12.3 billion from £11.9 billion, over same period last year; while in the second half (H2, 2010) the figure dropped considerably.

Property repossessions were up at 873 in 2010, from 820 recorded in 2009.

Santander’s UK operations made a post-tax profit of £1.7 billion in 2010, a growth of 11% over the previous year.

The chief executive of Santander UK – Ana Botin issued a statement saying: “Our aim is to increase our lending to UK businesses and create new jobs as we open more business centres to serve them”.

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