Data from UK Finance showed that LBG completed £36.8bn in gross residential mortgage lending over 2023, down from £52.7bn in 2022. 

Its market share stayed fairly stable, dropping from 16.8% to 16.4%. 

NatWest was the second-largest residential mortgage lender, also holding onto its position from the year before and completing £29.9bn in gross lending. This was a decline from a gross lending figure of £41.5bn the year before, but the bank’s market share was relatively unchanged, going from 13.4% in 2022 to 13.3% in 2023. 

With an 11% market share and £24.6bn in gross mortgage lending, Nationwide was the third-largest residential lender, the same position it was in the year before. In 2022, the mutual had a residential mortgage market share of 12.1% and lent £37.8bn. 

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HSBC rose from sixth to fourth place, increasing its market share from 8.8% to 10.5%. Its gross mortgage lending fell from £27.5bn to £23.4bn.

Barclays stayed in fifth place, with its market share contracting slightly from 9.5% to 9.4%. Santander fell from fourth to sixth place, as its market share shrank from 11.4% to 6.7%. 

Yorkshire Building Society went up one place to become the seventh-largest residential mortgage lender in 2023, growing its market share from 3.1% to 3.9%. Coventry Building Society’s market share expanded from 2.8% to 3.7%, bringing it up from ninth to eighth place. 

Virgin Money fell from seventh to ninth place as its market share dropped from 3.4% to 3%. 

Skipton Building Society was the 10th-largest residential mortgage lender, rising from 11th place. Its market share widened from 1.9% to 2.9% and its gross lending rose from £5.9bn to £6.4bn. 

TSB dropped out of the top 10 list and fell to joint 11th place with Leeds Building Society. TSB’s market share decreased from 2.2% to 1.9%, and its gross lending declined from £7bn to £4.3bn. 

 

Nationwide becomes top BTL lender 

Nationwide overtook LBG as the largest lender for BTL, regaining its 2021 position. 

Although the mutual’s market share dropped from 11.4% to 10.4%, LBG’s fell from 13.1% to 9.9%, putting the bank in second place. 

Nationwide’s gross BTL mortgage lending also fell from £6.55bn to £3.13bn. LBG completed £2.96bn in new lending, significantly down on the £7.47bn lent in 2022. 

NatWest remained the third-largest BTL lender, with its market share moving from 10.2% in 2022 to 8.6% last year. It completed £2.57bn in gross lending, nearly half of the £5.86bn completed the year before. 

OSB also stayed in its position as the fourth-largest BTL lender, as its market share increased from 6.2% to 7.5%. It lent £2.24bn in BTL mortgages over 2023, down from the £3.56bn it issued in 2022. 

Paragon Banking Group surged from its 2022 position as the ninth-largest lender to the fifth in 2023, with its market share growing from 3.7% to 5.4%. The bank issued £1.63bn in gross BTL mortgage lending, down from £2.09bn the year before. 

Yorkshire Building Society was also the fifth-largest BTL lender, rising from seventh place. Its market share increased from 4.8% to 5.4%. The mutual also lent £1.63bn during 2023, compared to £2.74bn previously. 

The seventh-largest BTL lender was Coventry Building Society, with a 5.1% market share in 2023 and £1.54bn in completions. This was up on both its market share of 4.9% and its gross lending of £2.83bn the year before. The mutual rose from sixth position. 

Virgin Money climbed from 10th place to eighth in 2023, as its market share expanded from 3.6% to 5.1%. The bank completed £1.53bn in gross BTL lending, down from £2.05bn in 2022. 

Shawbrook Bank escalated from 14th place to be the ninth-largest BTL lender in 2023. Its market share more than doubled from 2% to 4.3%, while its gross lending grew from £1.17bn to £1.3bn. 

Barclays fell from eighth place to 10th, as it saw its market share shrink from 4.6% to 3.8%. 

It lent £1.3bn in gross BTL mortgages, down from £2.64bn the year before.