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Hinckley & Rugby added over £50 million to mortgage book in 2018

Hinckley & Rugby Building Society added more than £50 million to its mortgage book in 2018, driven by high levels of borrower retention.

The 8% rise to £672 million in the Society’s latest financial year brought growth to more than 40% in the last three years. The results are recorded for the 12 months to November 30 2018.

Hinckley announced mortgage advances of £183 million (compared to £193 million in 2017) and started the new year with a £54 million pipeline of mortgage business – up from £53 million in 2017.

What’s more, savings balances grew by £56 million to £632 million (£576 million in 2017), which fully funded the growth in the mortgage book. Total assets were up by £59 million to £799 million (compared with £741 million in 2017).

Colin Fyfe, chief executive of Hinckley & Rugby Building Society, comments: “We started 2019 on the very firm foundations left by my predecessor Chris White and look forward to a year of further growth.”

“We’re continuing to invest in our people, our premises and our proposition – the products and services we offer to our current and future members.”

Hinckley aims to grow its team in 2019 and become an even more attractive employer. Fyfe says the Society’s move to the new head office at Easter will also offer an exciting place to work at the heart of its communities in Leicestershire and Warwickshire.

“Forging partnerships will be a key theme of 2019 and beyond,” Fyfe continues. “Developing what we offer and how we provide it will evolve significantly as we work with fintech service pioneers.”

“Our connection with our communities will deepen as we strive to get even more behind local organisations and charities, building on our excellent and extensive volunteering.”

He says that with the help of its communities, Hinckley can help more people to save for their futures, buy their homes, and to be a force for good.

During its past financial year, the Society helped more than 180 first-time buyers purchase their first homes. The firm’s buy-to-let division’s share of advances reduced from £57 million to £43 million as the Society spread its lending across a wider range of loans and the new buy-to-let tax system began to be phased in. At year end, buy-to-let accounted for around a fifth of the mortgage book.

Additionally, there was a 16% increase in net interest income to £9.12 million – up from £7.89 million in 2017 – and the net interest margin rose to 1.18%. Those figures helped Hinckley & Rugby to maintain its profile before tax at £1.25 (compared to £1.3 million in the previous year).

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