Technical Director - Nationwide (1794) |
| SunGard Higher Education seeks Technical Director for Nationwide Travel (Job ID 1794).
Our ... |
|
Systems Administrator |
| Yoh Company is currently looking for a Systems Administrator in Tucson,AZ. This is a direct ... |
|
Deskside Support Rep |
| IBM Global Services, the largest Information Technology services provider in the world, integrates I... |
|
Network Support Technician |
| Lavender & Wyatt Systems, Inc., a leading technology solution provider, is seeking a Network S... |
|
Network Engineer (Server Group) |
| Responsibilities: Provide support for server systems including File, Print, Application, Gateway, ... |
|
IT Program Manager/Systems Administrator |
| Systems Administrator responsibilities include Windows 2003 Administration, Outlook e-mail ... |
|
Apple Retail Mac Genius - Higuera Street |
| You + Apple=Pure Genius If you were the kind of kid who took things apart just to put them back ... |
|
Hardware Systems Robotics Engineer |
| Job DescriptionHardware Systems Engineer Robotics Automatic Control Technology
Required E... |
|
Field Service Technician II Visalia, CA |
| Customer Engineer: Computer/POS/ATM Field Technician
Location:
Ready for a challenge?&... |
|
|
Nationwide pays dear for loans move
|
Nationwide yesterday revealed the heavy price it has paid for abandoning cut-price home loans this year, reporting a slump in its share of the mortgage market.
Britain's biggest building society said that on a net basis - offsetting departing borrowers against new mortgage customers - its market share fell to 0.2% in the six months to October 4 from 10.1% in the same period last year.
The decline in new mortgage business contributed to a fall in pretax profits, but Nationwide said it was committed to its home loans strategy and insisted that after having "taken the pain" it would be vindicated.
The society made waves in February when it decided to break with industry tradition by abandoning low-rate mortgage deals that lure new customers at the expense of established borrowers. That meant an end to competitive discounted rate loans - at a time when many borrowers were clamouring to obtain such deals in order to benefit from falling interest rates.
Nationwide said: "We refuse to price unfairly and to write loss-making business."
Pretax profits were £206.8m, down from £253.8m for the same six months last year, although the society said that during the period it had passed on a record £210m to its 10m members in the form of better rates and fewer charges.
Nationwide's new mortgage strategy means that all of its deals are available to new and existing borrowers. One result has been that Nationwide loans almost disappeared from the "best buy" tables that many borrowers scan before taking out a mortgage, and the society suffered a fall-off in business from mortgage brokers.
To add to its woes, Nationwide concedes that it has lost a sizeable number of customers who had come to the end of deals and decided to switch to another lender. Nationwide said it would have lost even more if it had done nothing.
Stuart Bernau, marketing and commercial director, said the 0.2% market share figure was better than its anticipation of "neutral or worse" in the strategy's first few months.
New mortgage business had picked up significantly since July, he added. The society's pipeline of mortgage business between approval and completion stands at a record £3.3bn.
"We have taken the pain and things are going very positively. I am confident that by the end of the year we will be reporting a very healthy position in terms of mortgage growth in the second half of the year and it will completely vindicate what we are doing," Mr Bernau said.
On the savings front, the picture was a lot brighter, with the society taking in 13.2% of all new retail savings cash during the period - well above its natural market share of 7.5%.
Nationwide said its "firm commitment" to mutuality continued to deliver benefits to members and enabled it to pass on £1.6bn to them in the form of better rates over the past five and a half years.
|
| Related press releases |
First-time buyers make a cautious comeback
There are tentative signs that first-time buyers are returning to the housing market, according to one of Britain's biggest mortgage banks.
In a trading update yesterday...
|
|
Under her skin
One is prepared for the stuffed buffalo in Beryl Bainbridge's hall - it has been written about before. The novelist's regard for taxidermy is almost as well documented as...
|
|
Pension reforms attacked as tax giveaway to the rich
The growing row over government pension reforms stepped up a gear yesterday following claims that the new rules will spur investors to spend £5bn tax-free on buy-to...
|
|
Property market 'has stalled
House prices fell again in September and the annual rate of growth dropped to its lowest level in more than nine years, Nationwide building society said today.
The socie...
|
|
Can we avoid the taxman?
Q In 2002 my partner and I arranged to buy a property with my parents, who are semi-retired. They would live in the house, and we would be on the property ladder. They pa...
|
|
Have we got any chance of endowment compensation?
Q We took out a mortgage in 1984 backed by an endowment policy and then increased the loan backed by a second endowment policy in 1985. The sales advice is still clear in...
|
|
Summer fall in credit card borrowing
Mortgage lending picked up in August, the British Bankers' Association said today, but outstanding balances on credit cards fell as the public's appetite for debt continu...
|
|
Get your computer to look after the pennies
People who have considered using their computer to manage their finances can be forgiven a little cynicism this year. Intuit, the company that made and supported Taxcalc ...
|
|
Should my mum consider buy-to-let?
Q I am writing on my mother's behalf. She is a 73-year-old property owner with no mortgage and is in good health. She currently has savings invested in a fixed term bond ...
|
|
Remortgaging pushes lending figures to new high
A boom in remortgaging boosted August's mortgage lending figures to the highest level since July 2004, and one of the highest on record, lenders said today.
The Council ...
|
|
|
|