According to its latest results, residential mortgages accounted for 88.3 per cent of its total mortgage book.
The lender’s total mortgage assets increased by around £400m to £3.3m year-on-year.
Its new mortgage customers also rose by more than half to 3,630 in the period.
The company said that around £4.9m of its balances were over three months in arrears, in line with the end of last year at £4.8m. This is equivalent to 0.15 per cent of its mortgage book.
Around 0.41 per cent of mortgage customers had contractual forbearance in place, which is in line with 0.4 per cent at the end of last year.
The firm’s underlying profit before tax came to £13.7m, up from £7.3m in the same period last year.
Looking ahead, the Nottingham said that its financial performance would allow it to support customers through the rising interest rate environment, as well as invest over the next two to three years in its “core technology systems and data capabilities”.
It added that it would monitor the impact of higher base rates in its mortgage book, take a “prudent approach to financial management” and focus on “innovation” in its products and propositions”.
‘Pivotal’ six months for The Nottingham
Sue Hayes (pictured), chief executive of The Nottingham, said that it had been a “pivotal” six months for the mutual.
She continued: “Our strong performance in a volatile economic environment demonstrates the progress we have made towards transforming our building society. We know this has been a challenging time for our members and I am proud that we have done everything we can to support them, by passing on rate rises and paying savers the best rates we can.
“The last six months has seen the biggest impact on mortgage holders in 15 years, which is why we were one of the first to sign up to the new Mortgage Charter – ensuring our borrowers can access the best solutions for them and helping them through this challenging environment.”
Hayes said that looking into the future it would “support an even broader range of people to own their own home”, pointing to its range of lending criteria changes in recent weeks to help this.
“In addition our partnership with Generation Home to make property ownership more achievable continues to develop strongly. We look forward to delivering on these goals during the second half of this year,” she noted.
