Santander UK gross mortgage lending drops 21%

In its half-year results, the lender revealed gross mortgage lending was £9.7bn in H1 2011, compared to £12.3bn in H1 2010. Santander said this gave the group an estimated market share of 15.4%, down from 19.1% and 16.7% in the first and second halves of 2010 respectively. The average LTV on its new mortgage business was down 2% to 64% in H1. Overall, Santander's net mortgage lending was £0.4bn negative for the first six months of the year, with negative lending of £0.6bn in Q1 and positive net lending of £0.2bn in Q2. This was down 110% on the first half of last year. Santander...