Tipton & Coseley Building Society reported its mortgage book lifted 6.8%, with gross mortgage lending hitting £108m last year, despite “financial market turmoil arising from the government’s mini-Budget in September, and a more challenging economy”.
The mutual says its mortgage lending was its second-highest annual performance, following a £115m home loans record in 2021.
The lender, like other financial institutions, was able to take advantage of higher Bank of England interest rates, which lifted eight times to 3.5% from 0.25% in 2022.
It says it was able “to lessen the impact on borrowers” of rate rises by restricting increases in its standard variable mortgage rate to 2.35% between December 2021 and the end of last year.
The business says pre-tax profit jumped 60% to £4.8m, while total assets rose 10% to £540m.
Total retail savings balances increased 9.5% to £416m.
Tipton & Coseley Building Society chief executive Richard Newton says: “While the economic conditions are likely to become more challenging during the year ahead we will remain focused on delivering on our principal purpose of helping members to own a home at all stages of life, and to help them save for the future with a safe and secure home for their savings.”
