2020
Santander has reported a strong start to 2020, with gross mortgage lending of £2.5bn in the first quarter of the year. This is a significant increase from the £1.9bn reported in the same period last year, and is the highest level of mortgage lending since the bank began reporting its figures in 2014.
The increase in lending is largely due to the bank’s focus on helping customers who are looking to purchase their first home. Santander has been offering competitive rates and products to first-time buyers, which has resulted in an increase in the number of people taking out mortgages with the bank.
The bank has also seen an increase in the number of customers remortgaging their existing property, as they look to take advantage of low interest rates and save money on their monthly payments. Santander has been offering competitive remortgage deals to existing customers, as well as those looking to switch from another lender.
Santander’s Chief Executive, Nathan Bostock, said: “We are delighted with our strong start to 2020, with gross mortgage lending of £2.5bn in Q1. This is a testament to our commitment to helping customers buy their first home or remortgage their existing property. We are continuing to offer competitive rates and products to customers, and we look forward to helping even more people achieve their homeownership goals this year.”
Santander’s strong performance in the first quarter of 2020 is a positive sign for the housing market, as it suggests that more people are taking advantage of low interest rates and taking out mortgages. This could help to boost the economy, as increased mortgage lending can lead to increased spending in other areas of the economy.
It remains to be seen whether Santander’s strong performance will continue throughout the rest of 2020, but it is certainly encouraging to see that the bank is helping more people achieve their homeownership goals.