Leeds BS and Metro Bank announce record mortgage lending

Leeds Building Society and Metro Bank have both reported record lending growth in 2016.

Related topics:  Mortgages
Rozi Jones
22nd February 2017
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In its full-year results Leeds reported record net mortgage lending of £1.9bn, up from £1.4bn 2015, taking total mortgage balances above £13.2bn

Leeds also helped a record 53,700 more people onto the housing ladder, as well as reporting its highest ever profit before tax of £116.6m.

Metro Bank announced record lending growth - up 66% year-on-year to £5.9bn. The Bank saw a 67% rise in residential mortgages to £3.6bn.

It also reported a 62% rise in revenue to £195m.

Underlying loss before tax improved by 75% to £11.7m, compared to £46.6m in 2015. Statutory loss before tax improved to £17.2m compared to a loss of £56.8m in 2015.

Peter Hill, Chief Executive Officer at Leeds Building Society, said: “In 2016, we increased savings market share and grew deposits by over £1bn for the first time. Our success in attracting funds meant we could keep growing our lending and we increased mortgage market share for the sixth consecutive year.

“This was achieved across a balanced product range. Alongside mainstream and Buy to Let lending, we remain focused on helping borrowers who are not well served by the wider market - first time buyers, Shared Ownership, Affordable Housing, Help to Buy and Interest Only.

“During the year, we lent more than £1.42bn in these key segments and helped over 17,500 people, including 12,500 first time buyers, who might otherwise have found it more difficult to have the home they want."

Craig Donaldson, Chief Executive Officer at Metro Bank, commented: “It’s been another great quarter and I’m delighted with our full-year performance. We continue to show significant growth across lending, deposits and customer account numbers with continued integration of technology across all our channels, including stores, creating a compelling service experience for our retail and business customers."

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