The biggest Building Society in the country, Nationwide, is considering improving its mortgage service for people suffering from credit rating problems. The moves come as part of an overall push by the lender to regain a position of power in the UK residential home loans market .
The news follows revelations by Nationwide of a drop in net mortgage lending, from £6.3billion to £10.9billion (last years' figures.) The society had actually taken out a policy of writing less mortgages, due to fears over the future of the housing market . However, the market was ‘more benign’ than the building society had feared.
Nationwide have traditionally occupied a 9 per cent share of mortgage business, but this has slipped to 7 per cent. The society is expected to maximise its share of the mortgage broker market, seeking business from intermediaries.
The ‘light adverse’ home loans market, people with financial difficulties (such as arrears or CCJs), is also thought to be on the lender’s hitlist. Profits remain high for Nationwide, sitting at just under £539.4 million.
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