According to its latest results, this continues a trend from 2020 when gross mortgaging lending came to £39m.
The firm said that the mortgage marketplace “remained highly competitive” but it was encouraged by “solid growth”.
It added that its lending was spread across first-time buyers, self-build, shared ownership, lending into and in retirement, buy to let and borrowers with non-standard income or minor adverse credit.
The mutual said that 84 per cent of mortgage book was residential owner-occupied mortgages, 15 per cent was buy-to-let mortgage and one per cent was commercial lending.
The average loan to value (LTV) is 50 per cent and nine per cent of balances have an indexed LTV of 80 per cent or more.
The growth in mortgage assets came to 13 per cent in 2022 and 12 per cent in 2021. There was no growth in 2020.
The lender’s profit before tax is £1.5m, which is slightly down on £1.8 in 2021.
Arrears and possessions steady
Mortgage arrears were pegged at 0.46 per cent, which is slightly up from 0.43 per cent last year but below the 2020 figure of 0.58 per cent.
It had two mortgage loans in 12 months or more of arrears and the total balance was £816,000.
Loans balances of three months or more came to 0.49 per cent of its overall mortgage books, which is up from 0.4 per cent in 2021.
It had one property in possession as of the end of last year, which is up from zero in 2021.
The firm added that it had offered forbearance measures to 13 customers in 2022, in line with figures from the previous year.
The report said that impairment levels were “extremely low” at 0.07 per cent, which compares to 0.11 per cent in 2021.
Market conditions ‘likely to remain uncertain’
Buckinghamshire Building Society said that whilst some stability had returned to the market, conditions were “likely to remain uncertain”.
However, the company said that it took “comfort” in that the mortgage market had “shown resilience through economic challenges”.
It said borrowers had been assessed for affordability on rates well above current mortgage rates and had not used housing equity to finance a “spending boom” that had preceded previous downturns.
The firm added that owner-occupiers have “never had such a strong cushion of housing equity to fall back on”.
“Market stability or, at least, sustained settling of market conditions would represent a positive phase for the market, easing of rates and gradual return of confidence,” the mutual said.
Buckinghamshire Building Society continued that its “path to sustainability” was “based on meeting the needs of more specialist/complex mortgage niches and getting that exceptional capability recognised by our key distribution channel”.
The mutual said that it was continuing to invest in its proposition, pointing to enhancements to its mortgage origination experience, launching a new segmented broker proposition and investing in its IT systems and resilience.
It said that it was preparing to expand its products offerings in “areas where we feel we have real strength and capabilities”, also planned to launch a direct advice mortgage service.
Dan Wass (pictured), Buckinghamshire Building Society’s chief executive, said: “It’s fantastic to see such a strong set of financial results for 2022 and is testament to both the dedicated senior leadership team we have in place and our hardworking and committed colleagues across the Society.
“Our focus going forward continues to centre around providing great value to our members whilst making a positive impact within our community. Further improvements in the coming months will make it easier than ever for our existing members to stay connected with us and for new members to join us. We have some exciting developments on the way.
“On the whole, we end the year in a strong position with substantially increased capability to take the Society forward.”
