Retentions drive 37% lending rise at Hinckley & Rugby

Hinckley & Rugby's processed mortgage applications totalled £96 million in H1 - 37% ahead of the same period last year.

Related topics:  Mortgages
Rozi Jones
16th June 2016
hinckley rugby bs building society H&R
"The half year results are hugely encouraging for the full year. Retaining ever more mortgage customers is great for the Society and for those customers."

Hinckley & Rugby cited improved performance on retaining customers as the main driver of growth. The first half of the year saw retention rates of over 70%, with some months surpassing 80%.

The six months to the end of May saw mortgage advances of £74 million, ahead of the £59 million achieved in the same period a year ago.

The half year closed with the mortgage book at £495 million and a pipeline of mortgage applications totalling £59 million.

Hinckley & Rugby is now forecasting full-year advances of around £170 million, almost a third ahead of last year’s £128 million.

Hinckley & Rugby chief executive Chris White said: “The half year results are hugely encouraging for the full year. Retaining ever more mortgage customers is great for the Society and for those customers.

“A strong pipeline of mortgage business is also good news for savers, as we need to fund this growth and have some very competitive savings products. All of our achievements, which we work hard for on behalf of our members, are thanks to our dedicated staff.”

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