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Barclays not averse to new mortgage business

Barclays has said that it is ready to take up new mortgage business in spite of the global credit crisis, The Financial Times has reported.

Barclays expects to take advantage of the reduction of lending by its competitors to expand its business. The Financial Times has quoted Deanna Oppenheimer, head of UK retail banking for Barclays, as saying that the bank considered the current crisis as an opportunity.

Barclays accounted for 9.3% of net new mortgage lending in the second half of 2007 compared with 4.5% in the second half of 2006.

Ms Oppenheimer has said that Barclays would reconsider its mortgage products package and pricing. Pricing is a challenge in this market when supply has been constrained and we look at this on a daily basis, she said.