Nationwide saw its mortgage lending tumble 21.7% to £26.3bn last year compared to the previous 12 months, due to “a highly competitive mortgage market”.
However, the mutual says its market share of home loan lending lifted to 11.5% from 10.8% in the year to 4 April, according to its annual report, in a period that saw UK home transactions and mortgage lending fall.
It adds that mortgage balances rose 1.4% to £204.5bn over the period, edging up its market share in this area by 1 basis point to 12.3%.
The firm’s annual report comes a day after Virgin Money shareholders voted to accept the £2.9bn takeover offer from Nationwide, which will create the second-largest mortgage lender in the UK.
Overall, the building society posted profits in the last financial year of £2bn, down from £2.3bn, as the “impact of rising interest rates was largely offset by a highly competitive mortgage market”.
Nationwide chief executive Debbie Crosbie says: “In March 2024, we confirmed our offer to buy Virgin Money.
“I believe this deal offers an exciting opportunity to create a more diverse business that delivers even more value to our members and will strengthen Nationwide financially.
“We continue to make good progress on our plans and expect to complete the acquisition in the final quarter of 2024, subject to regulatory approval.”
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