Applications totalled £29.4 million in the three months to the end of February 2015, its retention rate reached 81%, and advances reached £27.2 million from £26.7 million in the same quarter a year ago.
In the 12 months to the end of November 2014, the Society increased its mortgage advances 8% to £111.9 million, up from 2013’s £103.7 million.
The net interest margin improved from 0.91% to 1.04% – the fourth consecutive year of growth. The margin has doubled since 2010.
The Society’s total mortgage book ended the year higher, at £454 million - £8.6 million up on a year before. Buy to Let mortgages totalled £77.8 million (£66.3 million in 2013).
Speaking after the Society’s 149th Annual General Meeting today, chief executive Chris White said:
“We have continued to gear up our mortgage team to maintain our high levels of customer service as demand continues to grow.
“Our investment in people, and in the service we provide to brokers and to direct customers across England and Wales, continues to prove fruitful.”
Hinckley & Rugby also marked its 150th anniversary with a one year bond for existing customers that pays 3% gross interest.
For the maximum deposit of £5,000 the year’s interest will be £150 – celebrating the 150th milestone in a history which began in 1865 with the formation of the Hinckley Freehold Land & Permanent Benefit Building Society.
The loyalty bond is available to customers who held a savings or mortgage account on November 30 2014 and continue to be a member up to March 25. The minimum deposit is £500 and the interest rate is fixed for the 12 month term.
Chris White said:
“Very few institutions have been in existence for quite so long and this remarkable feat has only been possible due to the loyal and unwavering support of generations of the Society’s members.
“The Society of today is very different in many ways to the institution founded 150 years ago. But what hasn’t changed is our commitment to mutuality and traditional first class personal service, our highly competitive mortgages and savings accounts and the staunch support of our loyal members.
“We thank today’s members with the opportunity to earn a market leading rate of interest on this very special anniversary bond.”
