Mortgage balances also grew strongly, as Woolwich improved its mix of longer term products and retained more of its existing customers.
“It’s a good result,” said Andy Gray, head of mortgages at Woolwich. “We have a strong platform from which we can continue to focus on our target market, where we are winning business with competitive products, appropriately positioned lending policy in the current market, and a real focus on our existing customers. Market positions may change again over time, but this shows we are on the right track.
"Those customers who are choosing Woolwich - and staying with us in increasing numbers - are more often second, third time buyers who have built up decent equity in their property. Their equity means they are less impacted by the credit issues that are causing problems elsewhere.
"The last six months have been especially tough for the mortgage market. We've seen rising SWAP rates, competitors leaving the market, yet set against this Woolwich has maintained a strong performance.”
