Leeds reports 35pc growth in mortgage lending

Robyn Hall

February 19, 2013

This takes the society’s new lending to £1.65bn following an increase of £737m new residential lending throughout the year compared to £300m in 2011.

Peter Hill, chief executive, said: “Leeds Building Society has again delivered a strong set of financial results, continued to grow market share and achieved a record performance in both the mortgage and savings markets.”

Of the £497m of new lending, 30% has helped 5,700 first-time buyers, however the average loan to value on new lending has remained low at 56%.

Savings balances grew by £384m, compared to £329m in 2011 taking total savings balances to £7.74bn.

And capital and reserves increased by 7% to £614m, an increase of £42m on last year’s figures.

Hill said: “Our net savings growth was significantly above our market share and 39,000 new savings members were attracted by the security and value we provide.

“Furthermore this means that all of our residential mortgage balances are funded entirely by members’ savings.”

Hill added that while the Funding for Lending Scheme has supported its mortgage volume aspirations retail savings remain the core of its funding requirements.

He said: “During 2012 we continued to benefit from access to diverse forms of funding raising £375m in the long-term wholesale market and drawing down £200m from the FLS.”

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