You are here: Home - News -

TSB hits mortgage lending record of £7bn

by:
  • 02/02/2018
  • 0
TSB hits mortgage lending record of £7bn
TSB completed a record £7bn in gross mortgage lending last year, up £400m year-on-year, the bank today revealed in results.

 

New lending increased by 6.2%, with advances to more than 47,000 borrowers in the 12 months to the end of December 2017.

Customer deposits at TSB grew to £30.5bn, up £1.1bn year-on-year, as management profits before tax grew 2.1% year on year, to £181.4m – although statutory profit before tax slipped 10.6% to £162.7m, it was reported.

The bulk of TSB’s new lending went through remortgages, with 28,000 switching to the lender, with 19,000 homebuyers.  The bank’s average loan to value (LTV) is just 44.2%.

Paul Pester, TSB chief executive, said: “When we launched TSB in 2013, we set out to bring more competition to UK banking and break the stranglehold of the big five banks.

“Once again in 2017 we saw a real vote of confidence in TSB, as the bank continued to grow and our high-tech transformation really gathered pace.

“Last year, we saw around 1,000 customers a day bring their banking to TSB, and we were able to help nearly 1,000 customers a week to buy their own home or get a better mortgage deal.”

Earlier this week, Santander revealed it had lent £25.5bn in 2017, with half of retention taking place online.

There are 0 Comment(s)

Comments are closed.

You may also be interested in

  • RT @VickyHartleyMS: Sunak doubles incentives to £3,000 to take on apprentices and offers £126m in 'new cash' to triple traineeships. One to…
  • RT @VickyHartleyMS: Watch out for breaking news coverage on the #Budget2021 this afternoon from the best UK mortgage and property journalis…

Read previous post:
TSLE2018: Brokers must embrace online feedback to stand out

Mortgage brokers have been warned that ignoring online reviews and feedback, even if they do not have websites themselves, is...

Close