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Since September 2006, we have been managing the profitability of our mortgage business to carefully maintain a balance between the margin of new business, prudent lending criteria and our market share aspirations.

We held back our market share during the first half of last year when the market was writing low margin and higher-risk business.

Since then the market has reduced and we have taken the opportunity to take higher margin, low-risk business and at the same time improve our customer retention.

As a consequence, Abbey's net lending has increased significantly. Abbey's mortgage book is made up of prime residential lending and the quality of our lending will continue to be based on affordability and robust risk management.

We do expect a lower share in the remaining part of the year as others return to the market but what will be key, however, is ongoing access to funding.

Ultimately, others will need to decide what their response will be in the next few months. We will continue with the strategy that has served us well for the last 18 months, ensuring we continue to write profitable and prudent mortgage business.

Rick Okey is managing director of Abbey for Intermediaries