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ESBS’ mortgage advances hit £35m in 2024 as Tilley retires
Earl Shilton Building Society’s (ESBS’) mortgage lending advances hit £35m in the year end 31 March 2024, a rise from £30m the year prior.
According to ESBS’ latest financial report, the total amount of mortgage balances at the end of the year came to £141m, a jump from £127m in 2023.
The report stated that mortgage balances increased in the year by £14m, which is up from £7m in the year before.
ESBS added that there are five mortgage accounts with forbearance measures in place, which is an increase from two in the same period last year.
Provisions for impairment came to £466,230 at year end, which is an increase on £398,017 in 2023.
There was only one mortgage account in 12 months or more of arrears, up from zero in 2023, and there were no properties in possession at year end.
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The firm said that it continued to invest in developing its IT systems and has moved to a cloud-based solution and upgraded its mortgage broking system.
The building society added that it was reviewing its core mortgage and savings technology provider, as its current provider was migrating its core system to a new product as part of a partnership with a third party.
“This work will require a considerable amount of the society’s resources, even if we stay with the existing provider, and so we have decided to review the market to assess whether there are more suitable alternatives available,” it said.
ESBS confirmed that it would recruit to help with systems migration and to deliver its bespoke service and grow its mortgage book.
ESBS CEO to retire this year
Paul Tilley (pictured), chief executive of ESBS, said “As a business, we continue to balance the competing needs of savers and borrowers in a considered manner. I would like to take this opportunity to thank our members once again for their ongoing support, and for so readily using our products and services.
“This will be my last attendance at the AGM in July as chief executive, as I have decided after a 40-year career to retire later this year. It has been an honour and a privilege to lead the society over the last 13 years.
“I continue to be delighted at the focus, commitment, professionalism, and collaborative approach that colleagues demonstrate every day to deliver good customer outcomes, and I would like to record my sincere personal thanks to everyone.”