Woolwich mortgage lending up 6 per cent in 2011

The third biggest mortgage lender Barclays lent £17.2 billion in Woolwich mortgage products in 2011, which was up £0.3 billion on 2010. The increase was attributed to first-time buyers, higher LTV products and buy-to-let.

In its full year results to 31 December 2011, Barclays announced new Woolwich mortgage net lending of £6.5 billion which was up 10 per cent from £5.9 billion in 2010. Barclays made a pre-tax profit of £5.87 billion in the year to 31 December 2011 which was down 3 per cent from the previous year. Adjusted profit before tax was £5.59 billion which was down 2 per cent from 2010. Barclays cut bonuses across the group by 26 per cent, with total bonus payments across Barclays Capital down 35 per cent for the year.

Andy Gray, head of mortgages at Barclays, said: "These figures demonstrate how we are helping people to move, remortgage or take their first step onto the housing ladder.”

Woolwich mortgage products in the buy to let range have been extended to 75 per cent LTV. Barclays also advised that they experienced an increase in remortgaging in 2011 which was driven by the Great Escape proposition which was launched in the Autumn of 2010 and extended up to 80 per cent LTV in January last year. According to the lender, this helped borrowers “who are sat on competitor’s standard variable rates” to reduce their monthly payments.