Nationwide Building Society has written a third of all the new mortgages taken out this year as traditional lenders scaled back in the moribund housing market.
As the country's largest building society announced a fall in profits for the year to 4 April to £203m from £307m, it also unveiled plans to move into the small business banking market next year, an area traditionally dominated by the big four clearing banks.
The Swindon-based building society insisted that it had not relaxed its lending criteria as it admitted that its gross mortgage lending - the volume of new loans - was up 44% at a time when lending across the market was up 5%.
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