The Skipton Building Society has reported that its mortgage balances increased by 10.3% since the end of 2018, helping 29,727 people to purchase or remortgage their properties in 2019.
Group gross mortgage lending was up 13.1% to £4.9bn.
The UK’s fourth largest building society announces its results for 2019, increasing its savings balances by 7.6% and paying 0.54% above the rest of market average rate to its savers during the year.
The society also increased membership, with member numbers increasing by 35,868 to 1,046,294.
Total profit before tax (PBT) was £153.2m. The mutual said the fall in total group profits was due to the reduction in underlying profits referred to above but also includes fair value losses of £3.4m relating to the society’s legacy equity release portfolio which was acquired on merger with Scarborough Building Society in 2009.
David Cutter (pictured), Skipton’s group chief executive, said: “This is a solid and balanced performance which has seen us increase our membership and increase our mortgage and our savings balances at rates above our natural market share, despite a subdued housing market and highly competitive mortgage market.
“In the face of a challenging operating environment, Skipton has continued to deliver first class service and value to its members. We have continued to invest in our business for the benefit of current and future members, we have launched an app for our customers, which saw 100,000 registrations during the year, and we have made some major changes to our financial advice offering, making it more personal, affordable and straightforward and hence accessible and relevant to more people.
“Since 1853, our purpose has been to help more people into homes and save for their future. Our strong capital position and diversified business has enabled us to continue to successfully and sustainably deliver for our members today and we are well positioned to do so in the future.”
