Its average loan-to-value (LTV) of new lending fell slightly year-on-year from 69% to 67% while the average LTV of its existing loan book dropped from 48% to 47%.
But the building society recorded a leap in underlying profit by 79% to £963m while statutory profit increased 105% to £946m.
In its December Interim Management Statement, the lender said the mortgage market had been on a declining trend for most of 2014 against a backdrop of increased competition for new lending. It said this, combined with the low interest rate environment, had resulted in falling rates for borrowers.
Nationwide undertook changes to its senior management team this week bringing over Henry Jordan, formerly the managing director of The Mortgage Works (TMW), Nationwide’s buy-to-let brand, to helm the mortgage division. Tracie Pearce, Nationwide’s head of savings, left the society while James Chidgey, senior manager, new build, announced he would leave the lender at the end of March. Jeremy Cook will step into the role on 1 April.
