Figures have recently been released showing that around 50 percent of all new mortgages issued in the UK are now arranged through the Spanish based lender Santander, which owns banks such as Abbey and Alliance & Leicester in the UK.
It is thought that with many traditional lenders having withdrawn from the market over the past eighteen months because of the credit crunch and the recession Santander has been able to access a larger slice of the mortgage pie.
In addition to having less competition in the market Santander has also been on a marketing drive to raise awareness of its mortgage and financial products, which has also helped to raise its profile and make its products and services more popular.This has led to one in every two mortgages issued in the UK being sold through the Spanish owned banking giant.
Competition in the mortgage market has been very stiff in the past, but since the onset of the global credit crunch a number of lenders have either reduced the number of products on offer or have dropped out of lending altogether.
This is an opportunity that has been seized by Santander, which has been able to get funding from the European Central Bank through the financial crisis and has therefore retained a strong position in the market.
In addition to enjoying great success in the mortgage market Santander has also been making its mark when it comes to savings deposits. The banks is said to have taken in nearly £15 billion in new savings, benefitting from the troubles of many of the building societies that have seen savers take their savings elsewhere.
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