Mansfield Building Society has reported a 3.8% growth in mortgage assets in 2016 with 23% of new business coming from the self-employed.
The society’s total assets now stand at over £328m whilst profit after tax was £1.58m.
Gev Lynott, chief executive at the Mansfield, said that the overall growth in 2016 reflects the increasing demand for the Society’s personal approach to underwriting and the strength of the Society’s product range.
He added:“The industry has had to adapt to several changes during 2016, notably the regulatory change imposed by the European Mortgage Credit Directive and government intervention in buy-to-let. The persistent low interest rate environment and new entrants entering the market increased competition throughout the year.
“However, we’ve been able to continue to grow our mortgage book by sticking to our strategy of serving segments that fail to be catered for by high street competitors and by providing a flexible and pragmatic approach to meet individual needs.
“Our lending to the self-employed was a particular highlight and we are proud that our common sense approach is highly valued by brokers who appreciate that we can better assess those with different or non-standard income patterns.
“Mortgage intermediaries are a high priority for us and we’re focused on developing stronger ties with them in 2017. To this end, we’ve taken steps to grow our intermediary distribution through networks and clubs with the launch of Versatility, the Society’s specialist lending brand, being the latest step in our support for mortgage brokers.
“Feedback tells us that brokers using The Mansfield value our independent perspective and appreciate the care and consideration that our staff give to each and every case.”