Santander
Whilst the Spanish economy struggles with unemployment approaching 20% and a painful housing boom and bust, its major bank – Santander has made great strides in capturing market share in the UK.
Many of the large UK banks have been seeking to improve their balance sheets and have held back from lending new mortgages. Santander is one of the few banks which has been actively seeking new business – taking advantage of market conditions to increase their share of the UK mortgage market.
Santander recently published figures which showed its net lending had reached £7.6bn in 2009. This is almost 50% of the new market for mortgages. It gives the bank a market share of 20%.
It’s relatively new brand image on the UK high street seems to have been a blessing in disguise. With uncertainty over existing British banks, Santander has benefitted from £14.9bn of new savings.
Santander is in the process of rebranding Bradford & Bingley and Abbey branches with the distinctive red logo.
Santander are currently offering a rate of 4.39% on their, no fee, two year fixed mortgage. This is better than by own mortgage company – Alliance & Leicester who recently offered me 4.99% for a three year fixed.
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I think the reason why they have been able to get new business is because they ask for it. I have had an account with Abbey since I was about 11/12. I’m not 100% pleased with them for various reasons.
However, the reason why they are able to get new buisness is as stated because of the name change and also each time you go into a branch, the cashiers will ask you if you have a mortage and looking for a better deal. So, I guess that’s how they have done it.