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Cambridge BS gross mortgage lending grows 13% in 2011

by: Mortgage Solutions
  • 15/03/2012
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Cambridge BS gross mortgage lending grows 13% in 2011
Cambridge Building Society increased its gross mortgage lending by 13% to £144.5m in 2011.

Its 2011 annual results also revealed a pre-tax profit of £0.6m, down from £1m in 2010.

The society’s mortgage balances were up 8% on the previous year at £55.7m, while its savings balances were up 7% at £940,999. The lender’s total assets rose 6% to £1bn.

The Cambridge said that it will continue to invest in product innovation to meet demand from intermediaries looking to do business with the society.

Andy Lucas, commercial director at the society, said: “Over the past 12 months, the society has gone from strength to strength as it has invested in enhancements to the products and services it offers, both direct and via the intermediary channel.

“We will be investing further in all areas of the business and will continue to develop our Intermediary proposition.”

Lucas added: “The Cambridge has money to lend and we are committed to building and maintaining sustainable relationships with mortgage Intermediaries.”

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