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Yorkshire BS reports £4bn of mortgage completions in H1

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  • 26/07/2018
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Yorkshire BS has reported gross mortgage completions of £4bn in the first six months of this year, £600m ahead of 2017 which hands it a gross lending market share of 2.6%.

 

First-time buyers got the majority of the mutual’s lending, with 56.7% of all house purchase mortgages going to novice buyers in H1.

Yorkshire Building Society, which includes broker arm Accord Mortgages and mutual brands Chelsea Building Society and Norwich and Peterborough Building Society, advanced 4,744 mortgages to first-time buyers from a 20,058 total and looks on course to hit or pass its £7.8bn of completions in 2017, according to UK Finance figures.

The ninth largest lender and third biggest mutual delivered an increase in core operating profit of £86.3m to 30 June up from £84.2m last year, but a fall in profit before tax from £92.3m to £88.6m.

 

£6bn liquidity

However, the society’s liquidity position is at £6bn and its common equity tier 1 capital has increased to 16.1%.

The society confirmed it has a Net Promoter Score of +41, which indexes the willingness of customers to recommend a company’s products or services at 13 times higher than the industry average of +3.

The society has also raised a total of £424,075 for charity partner End Youth Homelessness since the charity’s launch at the start of 2017.

Mike Regnier, chief executive of Yorkshire Building Society, said: “I’m pleased to report the society has had a good start to 2018.”

He continued: “Reducing the cost base has been a key strategic focus for us. This has resulted in a 10% reduction in our underlying management expenditure. We continue to improve efficiency and we have completed the retirement of the Norwich and Peterborough Building Society brand from the high street and successfully transferred savings customers to Yorkshire Building Society systems.

“We are also investing in developing enhanced digital capabilities. As well as improving the services we offer members, this ongoing work will ensure we are able to make the most of opportunities presented by technological advancement, including Open Banking.”

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