Hinckley & Rugby reveals £30m pipeline of mortgage applications

Hinckley & Rugby Building Society has a £30m pipeline of mortgage applications as it gears up for growth. The trading update comes as members gathered yesterday at the Society’s AGM.

Related topics:  Mortgages
Amy Loddington
21st March 2013
Mortgages
2013 is poised to be the Society’s busiest for years as Bank of England Funding For Lending money arrives, enabling more lending to more homebuyers.

Even before FLS funds enter its system, Hinckley and Rugby has been lending more and gearing up for further growth by expanding and reorganising its mortgage teams serving customers and introducers.

In the first quarter of the Society’s financial year (Dec 2012 – Feb 2013) mortgage applications were £24.6 million, compared to £21.6 million in the same quarter a year before.

Savings have also been growing, with savings account balances increasing by £3.2m in the first quarter.

The AGM heard how Hinckley & Rugby increased its mortgage lending by more than 14 per cent in the 12 months to November 30 2012 and has set an ambitious target of a further 36 per cent rise in 2013.

Costs were again closely managed, administrative expenses rising slightly to £4.611m (£4.532m). 2012 saw the redesign of the Society’s brand and three out of the Society’s 10 branches have now been refurbished with the new identity. During the current year the other seven branches will also be given the new branding and interior design.

Chief executive Chris White said:

“2013 has got off to a promising start, with more savings money coming in and more mortgage applications for us to lend money to homebuyers and landlords. All the signs are encouraging.”
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