Nationwide calls for rule change in order to help thousands
The high street bank is also calling for mortgage affordability rules to be relaxed to do so.
The lender said home buyers had been rushing to complete purchases ahead of tax relief being slashed from April.
It reported a pre-tax profit of £2.3 billion for the year to the end of March, 30% higher than the £1.8 billion it made the year before.
A record year of lending resulted in total loan balances rising to £275.9 billion from £204.5 billion in 2023.
Nationwide said March was its busiest month for mortgage lending and its strongest day on the last day of the month.
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If you need support, get in touch: https://t.co/PBQ6UL8e26 pic.twitter.com/nHDrHeLoLb — Nationwide (@AskNationwide) January 2, 2025
This echoes similar comments made by Lloyds Banking Group, which hailed its record day of lending in March.
Stamp duty discounts becoming less generous from April onwards sparked a stampede of home buyers in the run-up to the deadline.
Stamp duty – a property tax – applies in England and Northern Ireland.
Muir Mathieson, Nationwide's chief financial officer, said: 'What's been fascinating though is that, in April and May, the strength of the mortgage market has continued.
'We haven't seen the cliff-edge, that drop-off in mortgage activity in April and May that we were expecting quite frankly.
'The mortgage market continues to be really resilient and we're intending to remain competitive within it.'
Mr Mathieson said the group has been calling on the Bank of England to review its cap on high loan-to-income lending.
Like other lenders, it is limited to offering no more than 15% of new loans to customers borrowing at, or above, 4.5 times their income.
Nationwide said it maxes out this cap every year, because of the demand among first-time buyers for bigger loans relative to the amount they earn.
Debbie Crosbie, Nationwide's chief executive, said: 'The reality is that if we didn't have the limit as low (as it is), then we could be lending to more first-time buyers.
'For Nationwide alone we think it could be an extra 10,000 (per year), and it could be multiples of that if the market limit was raised.'
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Mr Mathieson said that due to stricter affordability controls, the level of higher loan-to-value mortgages falling into arrears tends to be half that of its other lending.
Furthermore, Ms Crosbie said it is a 'very competitive' mortgage market, adding: 'Our margin that we're earning is definitely lower this year than it has been in previous years.'
Nationwide, which bought rival bank Virgin Money last year, handed out a record £2.8 billion in value to members over the year, including £1 billion in member rewards.
The mutual, which means it is owned by its customers, rather than shareholders, said more than four million of its members will receive its 2025 'fairer share' payment of £100 each.
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As he receives the ball he has no defenders in a position to immediately get touch-tight to him and he can take the ball and turn towards goal 8 With Salah perhaps being best as a front facing threat who likes to get on the ball when facing the opposition goal, it is interesting that Liverpool are adding a player in Wirtz who is more creative with his positioning. Again, this signing will make planning for matches against Liverpool a very difficult experience for opposition coaches. Conclusion While the expected fee for Wirtz will be extremely high there is a sense that Liverpool will still be getting a bargain when they sign the 22-year-old German international. They will be signing a player who can extend the effective career of Salah straight away and when they do eventually move on from the Egyptian they will have their next attacking talisman in the building already.
