Just under a third of those borrowers were first-time buyers, taking £280m of loans, with over 3,000 mortgages completed in H1 overall. Net residential lending was 26% higher at £423m, against £335m in 30 June 2012.
Overall, the lender’s pre-tax profit increased by 13% to £30.6m in the first half of 2013 and the mutual increased capital and reserves by £31m, to a record £629m offering a core tier 1 ratio of 14.2%.
By paying an average of 57 basis points more to savers, the mutual said savings increased by £521m in H1 to £8.3bn.
On funding, the society said it managed to place its debut public mortgage backed securitisation, Albion No.2, in July 2013 raising £300m and has drawn down £250m from the Funding for Lending scheme.
Residential arrears have lowered to 2.27% down from 2.76% in June 2012. But impairment charges for residential and commercial property increased to £26.4m in the first half of 2013 on balance sheet mortgage provisions of £86m to June 2013.
Residential mortgage provisions of £45m represent 21% of arrears and possession balances.
Leeds attracted 39,000 new members attracted, increasing customers to a record 703,000 and pre-tax profit increased by 13% in the first half of 2013 to £30.6m.
Chief executive, Peter Hill, said: “We intend to increase new [mortgage] lending further this year and recently launched our unique Welcome Mortgage range, which offers borrowers a combination of flexibility and certainty over a 3 or 5-year term.
“This range is available up to 90% LTV and members have the option of paying 0% on the first 3 or 6 months of their mortgage, with the remaining monthly payments at a fixed rate for up to 3 or 5 years. We believe this innovation will support many more FTBs onto the housing ladder and enable other borrowers to achieve their home ownership aspirations.
