According to Cambridge Building Society’s latest financial results, around three-quarters of borrowers decided to renew their mortgage with the mutual at the end of their term.
Total mortgage assets have grown by 4.1% to around £1.6bn, which is a rise from £1.5bn in the previous year.
Around six accounts, out of 9,841 mortgages, had arrears of 12 months or more with an outstanding balance of around £4.6m and arrears of around £300,000.
This compares to just four accounts that were in arrears last year with outstanding balances of £400,000.
Profit before tax came to £11.4m, a decrease from £20.5m, and its assets surpassed £2bn for the first time in its history.
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Peter Burrows (pictured), Cambridge Building Society’s chief executive, said: “It was another strong year for The Cambridge – not just in our financial performance, but across the board as we continue to thrive and deliver award-winning products and services.
“In 2024, we remained focused on delivering outstanding customer service while maintaining financial strength and stability. I’m proud to share that our customer satisfaction reached a five-year high, a reflection of our team’s unwavering dedication.”
He continued: “We continued investing in our people, helping us retain our status as an employer of choice. Financially, we reached a major milestone, with our assets surpassing £2bn for the first time in our history, all while maintaining sustainable profitability and exceeding capital and liquidity requirements.
“Our commitment to the community remains at the heart of everything we do. We expanded our unique Rent to Home scheme and provided a further £120,000 in grants to good causes. As we celebrate our 175th anniversary this year, we’ve pledged to strengthen our roots even further to ensure we make a long-lasting impact in the communities we serve.”
Last month, the mutual removed application fees from all mortgage deals.
