Mortgage News
Skipton mortgage lending up 31% in six months to June
Skipton Building Society’s gross mortgage lending rose by 31% in the first of half of the year to £1.9bn up from £1.5bn in H1 2014, its half year results reveal.
During the six-month period, 95% of its lending was introduced through the intermediary channel and 9% of lending stemmed from buy to let.
Group profits before tax took a fall of 20% from £90m to £72.1m compared to the six months ended 30 June 2014.
Skipton said the main reason for this reduction was due to an increase in costs and loan impairment provisions in the mortgages and savings division and a decline in profits from Connells, its estate agency division.
Connells announced pre-tax profits of £27.3m for the first of 2015 compared to £42.6m in H1 2014 which included a gain of £10.1m from the part disposal of Zoopla shares.
The society was keen to point out that its uplift in lending was not down to a loosening of its credit standards. Its average loan-to-value (LTV) for new lending was 66% compared to 67% for the same period last year and it kept its LTV caps stable at 90% for residential mortgages and 75% for buy to let.
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