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Leeds BS’ gross lending pegged at £1.9bn with FTBs nearly half of new mortgages

  • 28/07/2023
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Leeds BS’ gross lending pegged at £1.9bn with FTBs nearly half of new mortgages
Leeds Building Society’s gross lending came to £1.9bn in the first half of this year, down from £2.5bn in the same period last year.

According to the lender’s latest results, its market share for gross lending came to 1.62 per cent.

It continued that the period included six out of the 10 biggest days of lending in the mutual’s history and June was its busiest month ever for shared ownership lending.

The firm added that almost half of its new borrowers were first-time buyers, equal to 7,700 out of 15,800 new mortgage members.

Arrears for the period were broadly stable at 0.63 per cent, compared to 0.62 per cent in the first half of the year, which the lender said showed that “borrowers remain resilient”.

It added that it continued to stress test for affordability at “prudent levels to lend responsibly”.

Leeds Building Society’s profit for the period came to £89.2m, which compares to £112.6m in the same period last year.

The lender added that there were 79,300 new members joined the mutual, taking total membership a to a new record of 878,800.


Leeds: ‘Actively lending in a fast-changing market’

Richard Fearon (pictured), Leeds Building Society’s chief executive officer, said that it had carried on lending across all market sectors and offered competitive savings accounts “during a sustained period of economic volatility”.

He added that he was proud of its continued support for affordable housing and the high number of first-time buyers it had supported.

Fearon added: “As a business created to empower greater home ownership, we’ve stayed actively lending in a fast-changing market throughout 2023 and since March have accepted earlier applications for product transfers, giving existing borrowers six months before maturity to choose their new deal.

“We’ve moderated the impact of repeated Bank of England base rate rises by limiting increases in our standard variable rate and have worked hard to support borrowers facing financial difficulties with help tailored to their individual circumstances.”

He continued that the firm had continued to invest in “member value, technology which improves service, and in our fantastic people – their dedication and commitment to the society’s purpose gives me confidence for the future, however challenging times may be”.

“We’ve been there for our members during tumultuous external events throughout our long history and our financial strength and security means we’ll continue to support them,” Fearon noted.

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