The Hinckley & Rugby Building Society has a £30 million pipeline of mortgage applications, it revealed at its AGM.
The mutual claims that 2013 is poised to be its busiest for years as Bank of England Funding For Lending (FLS) 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 £3.2 million in the first quarter.
The AGM heard how Hinckley & Rugby increased its mortgage lending by more than 14% in the 12 months to November 30 2012 and has set an ambitious target of a further 36% rise in 2013.
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.”
