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Tag: Nationwide

Nationwide warns of tough times for consumers

Nationwide warns of tough times for consumers

Business
Britain's biggest building society Nationwide has reported a fall in first-half profits and warned it could face tougher trading in coming months amid the squeeze on consumers.Pre-tax profits for the six months to the end of September fell 10% to £628m, though the lender said earnings would have increased but for one-off gains reported in the same period last year.Nationwide said it was expecting the UK economy to continue to grow, though at a slower rate "due to the uncertainties around Brexit".Chief executive Joe Garner said: "The second half may bring tougher trading conditions, but we remain well placed to stand by our members in these uncertain times."The building society reported that gross mortgage lending fell by 5% to £16.7bn while impairment losses - a charge related to debts tha
Nationwide cuts mortgage rates as BoE mulls rise

Nationwide cuts mortgage rates as BoE mulls rise

Business
Nationwide has revealed it is to offer reduced fixed rate mortgage deals from Tuesday, just days before the Bank of England is tipped to raise interest rates.The country's biggest building society said it was shaving up to 0.5% from its current fixed rate offerings to bolster its competitiveness.However, it admitted other customers faced the prospect of increases to their monthly payments as a rate hike would usually suggest.Nationwide said it wanted to provide some clarity to its members in anticipation of the possible rise in the cost of borrowing on Thursday, when the Bank's monetary policy committee (MPC) makes its next interest rate decision.Bank rate was cut to from 0.5% to 0.25% in August last year as policymakers judged the UK needed additional stimulus to prevent a possible stalli...
Nationwide urges lending caution amid 'slowdown'

Nationwide urges lending caution amid 'slowdown'

Business
The boss of Nationwide has warned banks and building societies will have to "balance carefully" the way they lend to squeezed households as a possible economic slowdown looms.Chief executive Joe Garner said that while consumers were becoming more worried about the UK outlook - which has turned gloomier as Brexit approaches - most did not see the fall-out from the EU referendum affecting their access to borrowing.But he said it was important for lenders to weigh the supply of loans carefully against affordability to support demand from consumers "in a responsible way" through a slowdown.Mr Garner made the comments as Nationwide, Britain's biggest building society, reported a 20% fall in pre-tax profits to £322m for the quarter to the end of June, partly due to one-off gains made in the same