The lender said a flattening of the housing market and actions taken to moderate new applications while the Mortgage Market Review took effect to keep service levels up were reasons behind the cool down in lending. It added that an ‘aggressive competitive environment’ had been a contributing factor.
The figures, released in its interim results, stated the society’s market share stood at 12.2% for gross mortgage lending down from 15.4% for the same period last year.
Net lending for H1 2014 was £3.6bn compared to £5.6bn in H1 last year giving Nationwide a market share in net lending of 24.8%.
The loan-to-value profile of new lending, weighted by volume, reduced to 67% in H1 compared to 69% in 2013.
Pre-tax profits surged, however, as Nationwide reported a jump from £281m to £598m from H1 2013 to H1 this year.
