Gross mortgage lending posts second highest annual result
Despite the financial market turmoil arising from the government’s mini budget in September and a more challenging economy in 2022, the Tipton and Coseley Building Society has reported another strong performance.
The mutual said it has achieved mortgage book growth of 6.8%, with gross mortgage lending reaching £108 million, its second highest year following the previous year’s record.
Profit before tax was £4.8 million, and total assets increased past the half a billion mark to end the year at £540 million.
With borrowers seeing rising costs for mortgages due to bank rate increases, the building society was able to lessen the impact on borrowers by restricting increases in its standard variable mortgage rate to 2.35% between December 2021 and the end of 2022, compared to a 3.4% increase in bank rate during the same period.
“My heartfelt thanks go to my colleagues for their commitment to the society,” Richard Newton (pictured), chief executive at the Tipton and Coseley Building Society, stated in a post announcing the results. “They’ve played a vital role in our successful year, delivering great service to members, alongside dealing with multiple bank rate changes, each of which results in significant additional administrative work.
“While the economic conditions are likely to become more challenging during the year ahead, we will remain focused on delivering on our principal purpose of helping members to own a home at all stages of life, and to help them save for the future with a safe and secure home for their savings.”
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