Nationwide’s gross mortgage lending rose by 2.5% year-on-year to £45.8bn, according to the mutual’s full-year preliminary financial results.
In the 12 months to 31 March, Nationwide’s mortgage loan book grew from £275.9bn in the previous year to £286.3bn, which the mutual said reflected its continued support for first-time buyers, including an expansion of higher loan-to-income (LTI) lending and its focus on customer retention.
Net lending fell by 35% from £15.9bn to £10.3bn, caused by high mortgage volumes in March 2025 before stamp duty thresholds were lowered at the beginning of April.
The average loan to value (LTV) for new lending remained stable at 72%, while the proportion of mortgage accounts in more than three months of arrears dropped from 0.43% to 0.39%.
Profit before tax fell from £2.3bn to £1.49bn after the mutual made its Fairer Share payment to members. The prior year included a one-off gain following the acquisition of Virgin Money.
After paying £1.8bn out to members last year under its Fairer Share scheme, Nationwide is set to release a further £440m from 10 June.
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Dame Debbie Crosbie, group CEO, said: “Our growth in mortgages, retail deposits and personal current accounts is leading the market. And we delivered all this while continuing to set the standard for customer service and member value.
“This, combined with our standout branch network and mutual model, paves the way for even more value for our customers and members in the years ahead.”
