The banking group said new mortgage lending totalled £5.2 billion in the first three months of the year, down from £9.9 billion the previous year.
NatWest has revealed its mortgage lending nearly halved at the start of the year as it retreated from parts of the market when competition among lenders stepped up.
He added: “Because the market was relatively thin, price competition was very high and we took a conscious decision at that point to not compete across all segments during the latter part of the third and fourth quarter.He said that explains the year-on-year decline in lending, but added that mortgage applications had since increased by about 25% and the lender has grown its share of the market to more than 12%.
It also assured that the level of borrowers defaulting on loans remained low, despite the cost-of-living squeeze.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Thousands of NatWest, Halifax and Santander customers ditch accountsNationwide, Lloyds and Barclays have been named the 'big winners' as thousands of customers ditched their banks in the final quarter of 2023, according to industry figures
Read more »
NatWest becomes latest UK bank to report sharp drop in profitsThe lender said pre-tax earnings in the first quarter of 2024 were £1.3bn - a decline of nearly 28% on the same period a year ago. Lloyds and Barclays also reported falls earlier this week.
Read more »
NatWest says it retreated from race towards cheaper mortgage deals last yearThe banking group said new mortgage lending totalled £5.2 billion in the first three months of the year, down from £9.9 billion the previous year.
Read more »
Santander, HSBC, Natwest & Lloyds customers being paid £1,235 into accountsIt's easy to start claiming the money, with First Direct and Ulster also making the offer
Read more »
NatWest, HSBC, Santander and Lloyds customers being paid £1,235 into accountsThere's no limit to the amount of times you can switch
Read more »
Almost 50 Natwest branches to close imminentlyIn a serious new blow to the high street and customers the banking giant has announced a new wave of closures
Read more »