The Hinckley & Rugby Building Society has reported a 22% rise in mortgage applications in the first half of its financial year.
The mutual said it had received £70 million of mortgage applications, up from £57.3 million in the same period a year ago.
Its mortgage book grew by £12.3 million in the first half and the mortgage pipeline has also grown by £10.9 million. The pipeline was £45 million at the end of May (compared to £40.4 million a year before).
Mortgage advances during the first half were £59.2 million (£50.6 million), with the Society able to help more than 100 first time buyers gain a foothold on the housing ladder.
The retention rate, after mortgages reach the end of special schemes such as fixed rate periods, was 66%. There is only one mortgage in arrears by more than six months. The Society has no properties in possession.
On the savings side, the Society saw an increase in the number of accounts, with a net rise of 842 accounts, and retail savings balances grew by £6.5 million.
Hinckley & Rugby chief executive Chris White said: “These are very encouraging results, which put us on track to achieve significant growth in the full year.
“That the figures are so good during a period of extremely competitive conditions in the mortgage market proves customers and brokers value our approach, our decision making and our commitment to great service. Our staff deserve great credit for their hard work.”
