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Yorkshire lent £925m to first-time buyers in H1

  • 25/07/2013
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Yorkshire lent £925m to first-time buyers in H1
Yorkshire Building Society increased its gross mortgage lending to £2.5bn over the first six months of the year, its interim results have shown.

The mutual’s lending in the half year to June 2013 was 13% higher than the previous six months and 4% higher than the same period last year. Roughly two-fifths of loans, or £925m, went to first-time buyers. The mutual was responsible for one in five offset mortgages.

However, YBS failed to keep pace with the overall market – according to the Council of Mortgage Lenders, total gross mortgage lending jumped 24% in the second quarter of 2013.

A Yorkshire Building Society spokesman said: “We anticipate strong levels of lending across the entire Group in the second half of 2013.

“Accord’s lending through the intermediary channel will continue to play an important part in our growth and help us to fulfil our fundamental purpose as a building society of supporting more people to buy and own their own home.”

Net lending, currently £450m, has fallen from June 2012’s figure of £523m.

A decade after launching its Accord intermediary brand, the building society has begun a five-year investment programme aimed at developing new systems and technology. It has created 100 jobs so far this year and expects to recruit 100 more staff by the end of the year.

It also opened two branches in Wetherby and Ripon and expects to open two more by the end of 2013.

YBS chief executive Chris Pilling said: “Our fundamental aims as a building society – helping people to save for the future and buy their own home – are unwavering and being so closely rooted in our communities makes us ideally placed to achieve them.

“Net lending has been solid so far this year and we strongly expect this will increase further in the second half of 2013.”

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