Suffolk BS reports 8% mortgage book growth

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Suffolk Building Society has reported its results for the year ending 30 November 2021.

Over the past 12 months, the mutual changed its name from Ipswich Building Society and saw pre-tax profits increase from £1.9m to £2.9m.

Mortgage completions for the year were £175m compared to £123m in 2020 with a mortgage book growth of 8% to £615m (2020: £568m).

Meanwhile, savings balances increased by £23.5m to a total of £648m.

During the year, the Society expanded its product offering with a return to 90% LTV mortgages and the reintroduction of shared ownership. This sits alongside £22m of self build lending and increasing the maximum loan size to £1m for 80% LTV products.

The Society processed 1,159 applications resulting in 818 completions for the year with an average loan size of £214k.

Alan Harris, Suffolk Building Society chairman, said: “We’ve had another year of strong mortgage performance which was indeed assisted by the buoyant property market. With ongoing operational challenges due to the pandemic, we carefully managed our offering to deliver positive and consistent service levels and good customer outcomes.

“We’re delighted to have introduced Smart Money People, an external customer review service, which gives us access to high-quality competitor benchmarking based on member and intermediary feedback.

“Looking forward, intermediaries will be particularly pleased to know that we have high expectations for our new mortgage origination platform which will launch later in the year. It will give us flexibility over product features and allow us to be even quicker at reacting to market changes – which, with the possibility of more interest rate rises on the horizon, will further help to increase our operating efficiency.”

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