Nationwide's mortgage lending slumps by a third

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Building society’s profits fall amid fierce competition and tightening of buy-to-let loans

Nationwide has reported declining profits for the second year in a row, as net mortgage lending slumped by a third amid intense competition.

The UK’s largest building society reported a 7.3% drop in statutory profits to £977m for the year to 4 April, down from £1.05bn the previous year. Profits include the £116m cost of buying back debt.

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