Bath BS boasts 40% mortgage lending increase
The society’s gross mortgage lending rose to £32m in the year ending 31 December 2012, up considerably on the £23m lent during 2011. It said the increase in lending was down to its focus on specialist areas of the market, particularly self-build.
In its results statement the mutual outlined its desire to use the Funding for Lending Scheme to deliver more first-time buyers to its West Country homeland.
Dick Jenkins, chief executive, said: “Our mortgage book has grown by 5.2% in 2012 to £193.4m. This growth has largely been achieved through focusing on specialist segments of the market, such as self-builders.
“In 2013 we will be turning our attention to the first-time buyer market and have started to generate real interest through our innovative approach to lending to this group.”
“We are more determined than ever to demonstrate that we do things very differently to the major banks. Decent values and respect for our members have been at the core of our business for generations and will remain so going forward.
“A very good run of results in recent years which has continued into 2012, suggests that this different approach is being appreciated by our members.”
The society’s assets rose by 6.8% to £270m across the year while pre-tax profits were marginally down to £2.2m.