Nottingham returns to profitability and eyes mortgage growth

Mortgage Introducer

July 29, 2021

the nottingham

The Nottingham Building Society returned to profitability in the first half of 2021 as it eyes further growth. 

The Society’s mid-year results highlighted its larger capacity for expert mortgage advice as one of the key steps in its “reinvention”.

Last month The Nottingham linked up with Mortgage Advice Bureau (MAB) and the Belvoir Group in a deal that saw the Society extend its mortgage and protection advice.

The new partnership unlocks access to a larger capacity of advisors and digital tools that which the Society said will be essential to its growth ambition.

As well as continuing to provide access to independent mortgage advice across the branch network, the new partnership will seek to offer digital-led mortgage advice through the new Beehive Money app to be launched later this year.

In the period to 30 June 2021 the Society received over half a billion pounds in mortgage applications, up over a third on the same period in 2020, with completions up 18%. The Nottingham now has mortgage assets of £3.0bn.

David Marlow, chief executive of The Nottingham, said: “The past 15 months have brought unprecedented challenges to our society and our communities at large. We have navigated those challenges well so far, whilst demonstrating our mutual credentials in support of our members, colleagues, and communities.

“We are also fundamentally reshaping the Society to support our growing membership well in a newly emerging world.

“It will be important that we continue to focus on this and be ready for the challenges and opportunities that lie ahead in the remainder of 2021 and beyond.”

Marlow also confirmed that he will step down as CEO of the Society in 2022 after a decade at the helm.

He added: “The Board and I have been in discussions regarding the long-term leadership of the society.

“We have agreed to work to a plan that will see me step down from my role during 2022. The process to appoint my successor, who will then be ideally placed to lead the society through the next period of our development, is underway.”

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