Santander UK noticed gross mortgage lending soar 43% to £10.6bn in the primary six months of the yr, in contrast to the identical interval a yr in the past.
It stated the profile of its debtors in the interval was 41% homemovers, 28% remortgagers, 22% first-time consumers and 9% landlords.
The common mortgage dimension of new enterprise was £250,000, from £246,000 on the finish of December.
However, its mortgage guide was flat at £167.2bn on the finish of June from the tip of December.
The lender added: “We proceed to anticipate a gradual return to internet lending development in 2025, with a very good mortgage pipeline heading into the second half of 2025.”
It stated the proportion of residence loans in arrears for longer than 90 days was 0.74% from 0.80% on the finish of December.
Earlier this month, the UK lender’s Spanish mother or father Banco Santander agreed to purchase TSB from Banco Sabadell for £2.65bn in a deal that can make the UK enterprise the fourth-largest mortgage lender in the UK.
TSB has a £34bn mortgages guide, which represents a 2% UK market share.
Overall, Santander UK pre-tax revenue fell 5% to £764m, pushed by larger transformation costs, together with £42m of costs relating to modifications to its department community and reducing workers by 2,000.
Santander UK chief govt Mike Regnier stated: “Banco Santander’s current settlement to purchase 100% of TSB from Sabadell accelerates our transformation, permitting us to improve our buyer proposition and make investments extra in progressive merchandise and our digital providing.”
“However, revenue earlier than tax lowered to £764m due to larger transformation associated costs as we make investments in our future to develop into easier, extra agile, and higher in a position to innovate to meet the challenges and expectations of our prospects.”
