News Review


Big six grip on market slackens By Samantha Cordon


T e big six lenders have seen their strangle hold lose its grip as their market share dropped from 81% to 77% in 2013. T e latest fi gures from the


Council of Mortgage Lenders showed that the market share of Lloyds Banking Group, Nationwide, Barclays, HSBC, Santander and Royal Bank of Scotland combined was at its lowest point since the height of the market in 2007. “T e six largest lenders as a whole reduced their lend-


ing in absolute terms as well as falling from £117bn in 2011 to £111bn last year,” the CML said in its newsletter. But the CML added that


the drop disguised substan- tial movement amongst the individual


players as both


Nationwide and HSBC grew their lending by 24% whilst the other four all shrank their new business volumes. Most signifi cant was Santand- er, which saw a planned con- traction in gross lending of 38%.


Although the top six names


are all still the same, the in- dividual rankings have seen something of a reshuffl e. Na- tionwide and HSBC climbed to become second and fourth highest volume lenders re- spectively last year. Santander, consistently number


two in


the gross lending table since 2005, slipped into fi ſt h place. T ere was plenty of healthy


growth outside the top six coming from long-established lenders such as the Coventry, which grew by 26% to become


Ex CML director joins Loans Warehouse


Michael Coogan, the enig- matic former director general of the Council of Mortgage Lenders, has joined master broker Loans Warehouse as a strategic adviser. Coogan, who was the top


dog at the CML between 1996 and 2011, is well known as a regular commentator on the mortgage market and is the chairman of Shaping Tomor- row, a strategic planning con- sultancy. Matt Tristram, co-founder


and director of Loans Ware- house, said: “We are de-


lighted to welcome Michael to our team, the opportunity for us to work along- side someone with Michael’s experience and knowledge of the fi nance industry had huge appeal to my Sam Busfi eld (fellow co-founder) and I. “Michael is known and re-


spected in circles throughout the banking and fi nance in- dustry and the perfect choice for us.” Tristram said Coogan rec-


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Michael Coogan long


drum


time for


ognised the impor- tance of the secured markets working together and appre- ciates the value of se- cured loans as part of the wider market. “Sam and I have spent a banging


the secured loans


telling as many people as possible about the benefi ts of them. With Michael on board the aim is to bring the product to the masses through added awareness and partnerships


with the mainstream organisa- tions.” Coogan added: “Brokers are


the life blood of the lending in- dustry. T e Funding for Lend- ing Scheme has re-opened the credit markets in the UK and the benefi ts will fl ow through into a fast growing secured lending sector. “I look forward to help-


ing Loans Warehouse to take advantage of the commercial opportunities as the economy improves and to help them build on their strong market position.”


the seventh largest lender in the UK last year and new names such as Tesco Personal Finance which lent £300m in the year placing them at joint 20th. And the mutual sector grew


as a whole. Even aſt er remov- ing the substantial growth seen by Nationwide other mu- tuals within the top 20 grew in share by a combined 2%. Overall mutuals in the top 20 accounted for 24% of total gross lending up from 19% in 2011.


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MORTGAGE INTRODUCER SEPTEMBER 2013 5


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