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Leeds Building Society reports strong mortgage growth

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Leeds Building Society has increased mortgage lending

The mutual reported new mortgage lending of £1.19bn in the first six months of the year, a 29% increase on the £920m recorded in the same period last year.

In its results Leeds described this growth as ‘significantly above our market share’.

Leeds said it had helped 3,100 first-time buyers purchase their first home, representing 31% of its total lending.

Across the whole society, pre-tax profit increased by 55% in the first half of 2014 to £38.6m

Chief executive Peter Hill said lending had been able to grow thanks to strong preparation for the Mortgage Market Review.

“New residential mortgage lending increased 29% to £1.19bn, significantly above our market share and we made more home loans than ever before,” he said.

“In the first half of 2014 we helped more than 3,100 first-time buyers purchase homes, accounting for 31% of our total lending and were active in higher loan-to-value (LTV) lending, including through the government’s Help to Buy equity scheme.

“The society’s well-established affordability model helped to minimise any impact of the MMR regulatory changes, the biggest shake-up of the mortgage industry in a decade.”

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