For the first three months of 2010, 10.9 per cent of the market share in new mortgage lending, belonged to the Royal Bank of Scotland (RBS), according to Mortgage Solutions.
The society?s interim results have shown that its 7 per cent share of mortgage stock was overtaken by its new lending. Another positive development for RBS was that its net mortgage lending for Q1 increased by ?2 billion.
Last year saw the bank increase its mortgage accounts total number by 10 per cent, and in Q1 it added 4,000 mortgage accounts to increase the total to 849,000. RBS has also seen its activity levels increase by 22 per cent in Q1 on the fourth quarter of 2009, with over 54,000 applications.
The lender, which is 84 per cent owned by the state, told Mortgage Solutions that for the past 12 months the original target for its net mortgage ? ?9 billon ? was surpassed by ?3.7 billion. It has agreed with the Government to make an additional ?8 billion of net mortgage lending available for residential deals in the future.
Stephen Hester, group chief executive of RBS, told Mortgage Solutions that its retail and commercial business was making a comeback and should be the factor in helping it grow in the next few years.
Jonathan Cornell, communications director for First Action Finance, told Mortgage Solutions: ?It?s undoubtedly good to see our banks making a profit. While there is still dual pricing at RBS, it doesn?t do it to the extent it did last year and that?s an encouraging move.?
