According to Yorkshire Building Society’s latest results, the growth in gross mortgage lending was due to “carrying a larger pipeline of mortgage applications into the year” as well as “capturing a larger share of the market in 2024”.

The firm said that the higher net mortgage lending was due to a rise in completions, with net lending coming to £2bn, compared to £700m in the same period in 2023.

Yorkshire Building Society’s gross mortgage lending market share came to 4.8%, up from 3.9% at the end of last year.

The company also reported a growth in mortgage balances of 4.3%, compared to 1.5% last year. Mortgage balances came to £48.8bn during the period.

The firm said that it had provided 23,000 residential mortgages in the period, a rise from 21,000 in the same period last year.

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Yorkshire Building Society said that one in three new mortgages was offered to a first-time buyer.

The lender noted that there was a rise in mortgage arrears, coming to 0.49%. However, this is lower than the industry average of 0.97%.

Yorkshire Building Society’s statutory profit before tax came to £158.1m, a fall from £180.6m in the same period last year.

Susan Allen (pictured), chief executive of Yorkshire Building Society, said: “Over the first six months of the year, I have seen first-hand a clear commitment from our colleagues to deliver on our purpose. We have continued to offer above-market average savings rates, launched new, innovative products to help first-time buyers and delivered a solid financial performance.

“I’m delighted that we have been able to achieve all this and continue to invest to improve the customer experience for our members, with a particular focus on our digital channels, which together with our national network of branches has played a part in increasing the society’s overall net promoter score to +64 (2023 H1: +63).”