Abbey Gains Mortgage Market Share
November 4, 2008 by Brendan O'Neill
News
In the third quarter of this year, Abbey has continued to gain a further share of the mortgage market, taking advantage of its weaker rivals who have withdrawn from the home loans area.
Abbey is owned by Santander Group of Spain, and the group has also taken over Alliance & Leicester and recently the savings arm of Bradford & Bingley.
The group has been helped by a strong inflow of retail deposits as consumers rush to find a safe haven for their savings amongst the turmoil of the banking business.
Not only did Abbey take 42.2 per cent of new mortgage business in the third quarter, but it has also confirmed that despite rising repossessions and arrears rates generally, its own rates in arrears and repossessions remain below average and is not raising finance from the £37 billion bail out from the UK government.
Written by
Brendan O'Neill
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