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Saffron warns 2015 will be a ‘tougher year’ for the society

by: Samantha Partington
  • 24/03/2015
  • 0
Saffron warns 2015 will be a ‘tougher year’ for the society
Saffron Building Society's chairman Geoffrey Dunn has warned that 2015 will be a 'tougher year' for the society as competition in the mortgage market increases.

Dunn said Saffron will continue to play to its strengths by concentrating the majority of lending in its own region of the East of England and by attracting customer deposits.

Last year, Saffron lent £240m in mortgages which is a 40% increase on 2013 when the society advanced £172m of mortgage lending.

Profits before tax increased by 23% from £3.1m in 2013 to £3.8m in 2014.

Despite the strong lending and profit figures Dunn said 2014 had brought with it some challenges.

Saffron has made steps to innovate its product range already this year by introducing a two-year stepped discount mortgage product and increasing the loan-to-value on its contractor mortgages to 90%.

In December last year Saffron appointed Mike Kirsch as its interim CEO folloing the departure of Jon Hall the previous month.

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