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Yorkshire BS hits new gross mortgage lending record – results

  • 28/02/2019
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Yorkshire BS hits new gross mortgage lending record – results
Yorkshire Building Society’s gross mortgage lending for 2018 hit £8.9bn, a new record for the mutual.

The amount lent jumped from £8.1bn in 2017, while net lending jumped by 60 per cent to reach £1.6bn. Overall Yorkshire lent more than 36,000 mortgages, with almost 7,000 going to first-time buyers. The mutual also noted that 12,500 borrowers were able to apply for and complete their remortgage case online, a move which the mutual argues saves them time.

The proportion of accounts in arrears by at least three months dropped over the year from 0.58 per cent to 0.50 per cent, compared to the industry average of 0.80 per cent.

The increased mortgage activity helped to boost the mutual’s bottom line, with Yorkshire revealing profit before tax of £192.5m. That’s a jump of 16 per cent from the £165.8m made in 2017, while core operating profit increased by 13 per cent to £180.8m.

Jeremy Duncombe, director of intermediary lending at the group, said that 2018 had been a strong year for the lender’s relationship with brokers, noting its entry into the new build market as well as the launch of its ‘growth series’.

This gives brokers free access to more than 50 free tools, guides and other support material worth the equivalent of £25,000. Almost 3,000 brokers have already signed up to this, which shows there is a desire for this type of support,” he added.

Duncombe highlighted that the lender has increased its sales manager network and introduced more corporate account managers in order to build stronger relationships with key partners.

He continued: “As well as making sure our service is as effective and efficient as possible we also want to add value to brokers’ businesses and help them grow. That will continue into 2019 along with supporting brokers as they adapt to changes in the market, including digitalisation, to help them remain successful.”

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