First-time Buyers
Principality BS topped £1bn in mortgage lending in 2012
Principality Building Society has announced record mortgage lending figures for 2012, with the society topping
The Welsh national mutual said an increase in lending to first-time buyers helped the society to a record level of gross mortgage lending. It said that lending to first-time buyers in 2012 had increased by a third against the previous year.
The society has 52 branches across Wales but completes around 85% of its mortgage business through intermediaries.
As well as mortgage completions exceeding £1bn for the first time in the society’s history the number of properties in possession fell to its lowest level since 2008.
In its yearly results the lender also revealed plans to take further advantage of the government’s Funding for Lending Scheme to help first-time buyers in Wales. It launched a 95% loan-to-value product earlier this month using the programme.
Graeme Yorston, group chief executive of the society, said: “Our commitment to supporting the housing market is unwavering. First-time buyers are key to keeping the housing market working and supporting the regional economy, and we have recognised this by increasing our lending to first-time buyers in Wales and elsewhere by 34% in 2012.
“During 2012 we saw the Bank of England take further steps to ensure that the supply side of the lending market is supported with £80bn being made available through the Funding for Lending Scheme (FLS).
“Principality will take advantage of this in 2013 as we seek to grow our lending further with a particular emphasis on helping first-time buyers access the market while affordability remains in their favour.
“Our recent release of a 95% loan-to-value (LTV) product for Welsh first-time buyers highlights our level of commitment to delivering accessible products to our heartland and playing our part in stimulating the Welsh housing market and driving the economy forward.”