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Loan charges: Santander shrinks lending

Santander shrunk the amount that it was lending to customers in the first three months of 2013.

The bank’s net mortgage lending fell by £2.5 billion and it shrunk its loan book by £2.3 billion during the first quarter.

In the same time period, the bank also saw profits drop by 26 per cent.

Such retractions on lending can be bad news for consumers and for the economy in general, particularly in terms of its attempts to boost the housing market.

In recent years, the property market has shrunk because people have been less able to afford mortgages.

As a result, the government has been trying to encourage banks to lend more cheaply.

Meanwhile, Santander may see profits fall further as it may need to pay compensation to customers who took out standard variable rate mortgages.

This is because the Financial Conduct Authority ruled that the bank had failed to give customers adequate information when it made changes to this product.

John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance.ADNFCR-2776-ID-801577994-ADNFCR

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