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TSB hits mortgage lending record of £7bn

  • 02/02/2018
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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.

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