Nationwide hands £100 payout to members after record profits and Virgin Money deal

The Building Association at the country level will hand over 100 pounds to more than four million members in the wake of what it described as “twelve distinct months” of performance, which was seized on Virgin’s funds and an increase in mortgage lending.

The payment of “the most fair stocks” compensation was detected of 410 million pounds-the third annual reward for qualified members-in the results of the full year at the country level, which showed profits to 2.3 billion pounds, an increase of 1.8 billion pounds in the previous year.

Mutual, owned by members, said that the reward reflects its commitment to the reward of customer loyalty and the passing of value, as 1.8 billion pounds of a total of 2.8 billion pounds was returned to members through competitive and mortgage savings, and the distribution of one billion pounds directly through cash rewards.

The record performance was helped by obtaining 2.9 billion pounds in Virgin Money, which was completed in October, and a prosperity in the mortgage activity. The net mortgage lending jumped to 15.9 billion pounds, an increase of 2.6 billion pounds in the previous year, driven by the rush of home buyers before the end of a temporary conclusion in March.

March was the most crowded monthly month to complete the mortgage, as more than 30,000 property purchases have been completed.

“We have had twelve months prominent. This is the reciprocal benefit – we can reinvest our profits for our members,” said Deby Crossbi, CEO of the association.

The bold step for Crosbie witnessed the money of Virgin last year across the country Leapfrog Natwst to become the second largest mortgage lender in the United Kingdom, behind the Lloyds Banking Group. The deal also brought together Crossby with a company in which she spent more than two decades in her career.

To thank the members for enabling the acquisition, NATONWIDE has also at 50 pounds to 12 million members last month, with a total of 615 million pounds-in addition to the shares of 385 million pounds in 2023 and 344 million pounds in 2022.

The Virgin Money brand will remain separate at the present time, but Crosbie indicated that future integration is likely to save cost savings and synergy, especially about financing, information technology costs and third -party costs. She added: “We do not expect any major changes in the levels of employees in the short term to the average.”

Although the deadline for the closing service of March, the Building Association says that the demand for real estate loans is still strong. “We thought that there would be a little edge of the shelf, but we did not see it,” said Matison’s head of finance, Matison,

ISA Warning: Reforms can affect the costs of mortgage

Crossby has also warned that the possible government reforms of ISA – especially the maximum ISAS monetary processes – can make real estate borrowing more expensive, especially for young lenders.

The Treasury is said to be considering the changes that would reduce £ 20,000 for ISAS cash in an attempt to direct savings towards stocks based on stocks, ISAS posts and revive the London Stock Exchange.

Crossby has warned that such a move would strike construction societies that depend on cash savings to finance mortgage lending. “ISAS is a very important source of funding,” she said. “Reducing the allowance can raise the cost of mortgage lending, especially for smaller societies.”

She also emphasized that investing in stocks is not suitable for all savers: “Customer research we have made has shown that the vast majority of people have no appetite for stock investments. Arrows and stocks may not be suitable for retirees or younger people to provide their first home.”

NATODIDE, which only offers cash, said it has seen an increase in new deposits in recent weeks amid speculation about the changes in the ISA system. “It was a very crowded period,” said Crossby.