Mortgage business at Hinckley & Rugby Building Society has boomed in 2016, with advances up 34 per cent to £172 million from £128 million in the previous 12 months.
Applications saw a 46 per cent rise to £190 million in the 12 months to the end of November, the Society’s financial year. The 2015 total was £130 million.
The increased lending saw the Society’s mortgage book grow by £65 million. The corresponding rise a year before was £21 million.
The pipeline of future lending is also stronger than a year ago, with commitment to lend another £56 million – higher than a year ago when it was £37 million.
As well as consistently attracting and converting new business, the Society has again performed well in retaining customers who come to the end of fixed rate, discount and other initial periods of mortgages. The 2016 retention rate of over 70 per cent is one of the best ever achieved at Hinckley & Rugby.
Chief executive Chris White said:
“We set our staff a real challenge 12 months ago, to significantly build on our already substantial progress since the credit crunch. They have beaten what were very demanding targets and deserve huge credit.
“Retaining very close to three out of every four customers is a great testament not only to the attractiveness of our mortgage products but also how we give our customers an outstanding service from a traditional building society dedicated to our members.”
The Society will announce the full details of its year-end results in February 2017.