Net figures for Santander mortgage lending reveal an 80 per cent drop.

According to Santander mortgage figures released at the beginning of February, net mortgage lending fell by a huge 80 per cent.

The results show a fall from £5.5 billion in 2010 to just £1.1 billion in 2011. The poor result was due to a drop in net lending to a level of minus £400 million in the first half of 2011, the lender's lending figures improved in the second half of the year with net lending rising to £1.5 billion.

A spokeswoman for Abbey said of the Santander mortgage lending figures, “First half lending was impacted by a weaker pipeline from Q4 2010 during which market pricing became less attractive in the lower LTV segments.” The bank’s overall trading profit after tax was £1.5 billion in 2011, down 6 per cent on the previous year.

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For 2012 the Santander mortgage product range for buy to let deals has been enhanced. January this year saw the lender reducing rates on their existing products by 0.20 per cent. A new 2 year tracker mortgage option was also launched at 60 and 75 per cent loan to value.

Santander has also launched a new 2 year fixed rate mortgage at 60 per cent LTV with a percentage booking fee. The lender has advise that their mortgages have been simplified to provide a more straightforward range for borrowers.