Buy-to-Let origination soared by 144% to £327m compared to Q1 2015, while business finance origination totalled £272m, an 18% rise.
Net lending increased by £0.4bn or 6% to £6.5bn compared to the previous quarter, with Aldermore now supporting 74,000 lending customers. Deposits continue to grow, rising by 7% to £6.2bn.
Phillip Monks, CEO, commented:
“We have made an excellent start to the year with our best ever quarter of origination as we delivered double digit growth in new lending in both our Business Finance and Mortgages divisions. We took advantage of the anticipated extra demand for buy-to-let mortgages, ahead of the introduction of the additional stamp duty from 1 April 2016, and more than doubled our buy-to-let origination compared with the first quarter of 2015.
“Market conditions in the first quarter of 2016 remain broadly consistent with those experienced last year, with a relatively benign credit environment and interest rates unchanged. We continue to focus on our strategy of supporting UK SMEs, homeowners, landlords and savers and remain confident of delivering on all of the guidance we set out with our recent 2015 full year results, including generating nominal net loan growth in line with recent run rates and strong returns on equity.”
