NatWest Group lifted gross new mortgage lending by £3.4bn in the primary six months of the 12 months, up 2% on 12 months in the past, citing “robust new enterprise”.
The lender — which owns Royal Bank of Scotland, Coutts and Ulster Bank — mentioned: “In line with wider market tendencies, new enterprise in the mortgage portfolio was accelerated in the primary quarter, forward of stamp obligation modifications launched on 1 April 2025.”
In the second quarter of the 12 months, the financial institution’s mortgage balances rose by £1.4bn.
During the six-month interval, the lender added a million buyer balances from Sainsbury’s Bank, and has continued to enhance our buyer proposition, together with the launch of our family-backed mortgages”.
NatWest purchased a big proportion of the belongings of Sainsbury’s Bank for £125m final June, together with private loans, bank card balances, and buyer deposits. This sale didn’t embrace dwelling loans, which the grocery store offered to the Co-operative Bank for round £464m in money in August 2023.
NatWest mentioned its mortgage mortgage guide got here in at £213.3bn in the interval, up 1.4% because the begin of the 12 months, with landlord loans accounting for £21bn.
It reported a mean loan-to-value of 56% throughout its mortgage portfolio, which was “steady year-on-year”.
The lender added that arrears ranges of greater than three months “stay low” at 0.63% towards an business common of 0.89%.
It posted pre-tax earnings for the second quarter, which beat analyst expectations, though they had been broadly flat at £1.8bn in comparison with £1.7bn a 12 months earlier than. Analysts had anticipated £1.6bn in the three months to June.
NatWest chief government Paul Thwaite mentioned: “With optimistic momentum in our enterprise, we’re formidable for the longer term and see clear alternatives for additional disciplined development.”
