Bad mortgages bring Nationwide profits down
High street lender Nationwide has reported an 18% fall in profits in the past six months.
The building society made a before-tax profit of £322 million, compared to a £394 million profit last year.
Mortgages in arrears at Nationwide have risen from 0.36% in April to 0.40%. Bad credit mortgage and self certification mortgages make up a significant majority of the loans in arrears.
December 17th, 2008 at 9:14 am
That is still a huge profit, and not a large number of defaulters. I wouldn’t complain…