Nationwide has doubled its lending to first time buyers in the first 6months of the financial year. In this time frame it lent £2.5 billion to 20,000 first time buyers, thereby not only doubling its lending to new buyers; but also nearly matching the 24,000 first time buyers it lent too all of last year.
This is the biggest mortgage lending period by the company in 4 years. By doing so the society’s Chief Executive Graham Beale believes this is cementing their promise and reputation as siding with the customer. He revealed that their gross mortgage lending increased by 15% to £10.2 billion, of which £2.5 billion was to first time buyers.
These increases in lending run in line with their launching of an initiative to boost the UK housing market, with the aim of helping 750,000 first time buyers into houses of their own. Considering the size of the building society, these recent actions are significant. If more are willing to follow suit, might this be the first signs of getting on the property ladder for many first time buyers.
