Aldermore's residential lending up 22%

Aldermore Group has seen residential mortgages increase by 22% to £3.1bn, compared with £2.6bn at the end of 2014.

Related topics:  Mortgages
Rozi Jones
12th November 2015
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In the Group's Q3 results, Aldermore says it has delivered net loan growth of around £1bn in 2015 so far, and is on track to deliver net loan growth of £1.4bn in 2015.

Net loans to customers grew by 20% to £5.8bn, while lending to SMEs rose 19% to £2.7bn.

Phillip Monks, CEO, commented:

“It has been another excellent quarter for Aldermore as net lending continues to increase in line with our expectations. We’ve delivered net loan growth of around £1bn for the first nine months of the year with net loans totalling £5.8bn at the end of September. Growth across the board is strong, with loans to SMEs up by 19% to £2.7bn and lending to homeowners up by 22% to £3.1bn.

“We refreshed our buy-to-let customer offering in July and I’m very pleased that, across both SME Commercial and Residential Mortgages, buy-to-let origination during the third quarter was around 19% higher than for the same period last year. As expected, we have not seen any impact from the recently announced changes to tax relief for some individual buy-to-let landlords.

“Our award-winning online deposit franchise funds our support of UK SMEs and homeowners with year-to-date growth of 20% to £5.4bn in deposits matching the rate of lending growth. We continue to diversify our deposit base and have driven 28% growth in SME deposits this year.

“Macro-economic conditions and the credit environment remain relatively benign in the UK, with base rates unchanged and continued growth in our target markets. We are on track to deliver net loan growth of around £1.4bn in 2015 while maintaining our margins, robust capital position and prudent risk appetite."

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