{"id":46995,"title":"Mortgage Lending at Nationwide Slides After Stamp Duty Surge As Income Climbs Following Virgin Money Takeover","publisher":"Stockmark.IT","author":"Stockmark.IT Website","published":"2025-11-21T06:22:20+00:00","modified":"2025-11-21T06:22:20+00:00","canonical_url":"https://stockmark.it/mortgage-lending-at-nationwide-slides-after-stamp-duty-surge-as-income-climbs-following-virgin-money-takeover/","markdown_url":"https://stockmark.it/mortgage-lending-at-nationwide-slides-after-stamp-duty-surge-as-income-climbs-following-virgin-money-takeover.md","json_url":"https://stockmark.it/mortgage-lending-at-nationwide-slides-after-stamp-duty-surge-as-income-climbs-following-virgin-money-takeover.json","category":"Housing","categories":["Housing","Mortgage"],"featured_image":"https://i0.wp.com/stockmark.it/wp-content/uploads/2025/11/WhatsApp-Image-2025-11-21-at-06.21.23.jpeg?fit=1352%2C1294&quality=89&ssl=1","format":"news","language":"en-GB","content":"Mortgage lending at Nationwide has declined following a surge of homebuyers finalising purchases before the April stamp duty deadline. Despite a decrease in lending, the building society’s income climbed due to the recent acquisition of Virgin Money.\n\nFor the six months ending in September, Nationwide’s net mortgage lending was reported at £4.7 billion, down from £6.3 billion compared with the same period last year. This reduction reflects a significant acceleration in completions prior to the termination of the stamp duty discount. March saw Nationwide record its highest number of mortgage completions, with over 30,000 purchases completed ahead of the deadline.\n\nFollowing this period, Nationwide issued 43,000 first time buyer mortgages over the next six months, a notable decrease from 53,000 the previous year. Despite the reduction in new lending, the society’s market share in mortgage balances edged up to 16.3 per cent, positioning Nationwide as the UK’s second largest mortgage lender after its takeover of Virgin Money, surpassed only by Lloyds Banking Group.\n\nThe integration of Virgin Money contributed significantly to Nationwide’s underlying income, which rose to £3.1 billion from £2.1 billion a year earlier. However, pre-tax profits dropped from £568 million to £486 million. On an underlying basis, excluding customer bonuses, profits grew to £977 million from £959 million last year. The society’s chief executive, Dame Debbie Crosbie, confirmed that the Virgin Money integration is proceeding according to plan, with activities set to continue through the coming year and into 2027.\n\nAmid the changing mortgage landscape, Nationwide continues to maintain strong appeal among customers, remaining the market leader in mortgage growth and retail deposits. More people transferred their current accounts to Nationwide than to any other provider during the reported period. The society continues to operate as a mutual, owned by its customers rather than shareholders, and announced a £100 cash bonus for over four million eligible customers for the third consecutive year, amounting to £409 million.\n\nDespite prevailing uncertainty ahead of the government’s upcoming budget and potential changes to banking sector taxation, Nationwide reports that household finances remain healthy, with the housing market, business activity, and deposit growth all demonstrating resilience. Credit quality of lending portfolios and capital resources are described as strong, even as labour market conditions soften slightly.\n\nAn outstanding issue remains the ongoing investigation by the Financial Conduct Authority into Nationwide’s historic compliance with UK money laundering regulations. The investigation is said to be at an advanced stage, with Nationwide’s management reviewing the regulator’s comments."}