Nationwide is owned by its customers and has pledged not to close any branches throughout nest year (John Stillwell/PA)
(Picture: PA Archive)Nationwide, the UK’s biggest customer-owned mortgage provider, revealed a sharp rise in the provision for bad loans today as higher interest rates and the cost-of-living crisis tightened their grip on households.
Its credit impairment charges, the cost of the impact of bad loans, rose to £108 million in the six months to September 30. That was in stark contrast with the same period of last year, when it put £34 million of the funds set aside to deal non-payment back into the business. Total mortgage balances by the end of September rose to almost £204 billion, up from just under £200 billion in early April.
