According to Nationwide’s interim report for September 2025, the growth in lending was due to the inclusion of Virgin Money and was supported by its first-time buyer proposition.
In October 2024, Nationwide and Virgin Money became part of the same group, with the businesses due to combine – if the court approves the transfer – on 2 April 2026.
Nationwide’s mortgage market share of gross lending came to 15.7% during the period, which compares to 14.1% last year.
Looking at its mortgage share, this came to 16.3% in the period – in line with the 16.2% reported on 31 March 2025.
The growth in its mortgage market share showed “continued robust performance in a highly competitive market, supported by our switching and first-time buyer propositions,” the bank said.
Aldermore Insights with Jon Cooper: Edition 10 – The biggest barrier to homeownership isn’t affordability. It’s outdated lending.
Sponsored by Aldermore
The report added that mortgage balances rose to £280.6bn, up from £257.9bn on 31 March.
The firm’s underlying profit before tax was estimated at £977m, which is up from £959m in the same period last year.
The report noted that the proportion of residential mortgages with over three months of arrears came to 0.42%, in line with the 0.43% reported on 31 March. Nationwide added that this is “significantly below” the market average.
Nationwide added that total impairment provision balances on residential mortgage lending were stable at £345m, which shows the “quality” of lending.
In its outlook, the firm said it expected the base rate to gradually fall to 3.5% in 2025 and for inflation to return to the Bank of England’s 2% target. House prices are also forecast to grow steadily at 3.2% during 2026.
Nationwide said it “remains vigilant to ongoing economic uncertainty, continuously assessing the potential impacts on borrowers and the credit risks across lending portfolios to ensure timely and appropriate support for customers”.
It added that borrowers are “likely to continue experiencing affordability pressures; however, arrears rates are expected to remain well below the industry average”.
Dame Debbie Crosbie DBE, group CEO of Nationwide, said: “Once again, Nationwide is number one for growth in mortgages and retail deposits. We’re also number one for customer satisfaction, our lead is growing, and more people switched their current accounts to us than to any other brand.
“All of this, combined with the benefits of our acquisition of Virgin Money, has led to an increase in underlying profit before tax, while delivering £1.2bn of value to our members.”
