Skipton sees mortgage lending growth

Mortgage Introducer

August 3, 2021

Skipton, the UK’s fourth-largest building society, saw its mortgage lending increase by 4.4% in the six months to June 2021. 

The Society helped some 16,087 homeowners to either purchase or remortgage a property in the period as group gross mortgage lending hit £3.0bn.

Total Group profit before tax (PBT) was £159.2m up from £34.4m in the six months ended 30 June 2020.

Underlying profits before tax stood at £122.4m, up from £47.9m in the same period in 2020.

The first half of the year also saw the Skipton’s estate agency business Connells complete the acquisition of Countrywide plc.

Back in March the two firms combined creating the UK’s largest estate agency network with 1,235 branches.

Profit before tax in the enlarged Estate Agency division increased in the period to £80.2m – up from £17.2m in the same period in 2020.

David Cutter, Skipton group chief executive, said: “Skipton’s founding purpose in 1853 was to tackle the housing and savings issues Victorian society faced.

“Today we continue to serve that purpose, albeit evolved, for our one million customers, helping them have a home and to save with confidence for their futures.

“During the first six months of the year, Skipton has become the UK’s eleventh largest mortgage lender, with more people than ever having turned to us to help them have a home.

“We continue to play a significant role in getting first-time buyers across the UK the keys to their first homes, with Skipton cash Lifetime ISA (LISA) customers benefiting from £64.4m in government bonuses towards their deposits over the last six months alone.

“The global pandemic has continued to disrupt all our lives, and our priorities continue to be keeping our customers and colleagues safe and being there when and where they need us.

“While we continue to adapt to meet evolving customer needs, our financial strength, mutuality and commitment to sustainability, together with excellent customer service and colleague engagement, see us look forward with confidence.”

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