Hinckley & Rugby’s mortgage book up 3.7% in 2019

Jake Carter

March 3, 2020

Hinckley & Rugby Building Society noted a 3.7% rise on its mortgage book in 2019.

This increase brought the total mortgage book up to £696m.

In addition, the building society recorded an extra £45m from savers during its financial year, increasing its total to £677m, a 7.2% rise.

Furthermore, income from mortgage payments rose by £1.1m to £17m, and mortgage advances were £163m, including £51m on buy-to-let mortgages.

Data collected by the building society also shows that net interest income was £9.1m, at a margin of 1.11%.

Profit before tax was recorded at £0.6m, down on the £1.2m recorded in 2018.

Colin Fyfe, chief executive at Hinckley & Rugby Building Society, said: “The UK mortgage market in 2019 was flatter than anticipated, with consumers reluctant to make significant buying decisions.

“Against that backdrop, Hinckley & Rugby sought to create the right balance of lending quality, acceptable margins and appropriate volumes.

“Strengthening the society in areas including governance, risk, compliance, finance and underwriting has laid down solid foundations for the next stages of growth.”

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