Despite operating at “low mortgage margins in highly competitive markets,” TSB has released a new mortgage of £5 billion, compared to 12 months ago, with a new mortgage of 19% last year. It has been posted.
The UK bank owned by Spanish parent Sabadell added that its mortgage application is £7.4 billion more than the start of the year. 
“We are pleased to announce that we are committed to providing a range of services and services to our customers,” said Robin Brook, TSB CEO.
“But later this year, mortgage performance has grown stronger. Until 2024, it helped 7,600 first-time buyers take their first steps with real estate ladders.”
The lender added: “High interest rates and fierce competition in the marketplace make customers shop for the best deals to mitigate the impact of rising mortgage costs.”
The bank's total mortgage book is £34.1 billion, which has not been changed for a year.
That net interest margin – the difference between what you write on a loan for what you reward interested customers fell from 7bps to 2.68% in 2024.
Overall, lenders increased pre-tax profit by 22.4% to £290.4m, a plunge 55.9% due to lower impairment losses and lower operating expenses by 3.6%, facilitating “improvement of economic outlook.”
TSB added: “The Bank of England reduced its policy rate to 4.75% in the second half of 2024 as inflation rates fell to more normal levels.”
The Bank of England cut interest rates by 4.5% yesterday from 0.25%.
TSB continues. “While market expectations were volatile, this means bank rates will be higher than in the year before the recent rise.
“Unemployment rates in 2024 were relatively low and housing prices rose.
