Thursday, May 6, 2021

Mortgage applications on the up at Hinckley and Rugby

Hinckley & Rugby Building Society saw a 22 per cent rise in mortgage applications in the first half of its financial year.

Unveiling its first half results, covering the six months to 31st May 2015, Hinckley & Rugby said it had received £70m of mortgage applications, up from £57.3 million in the same period a year ago.The Society’s mortgage book grew by £12.3m in the first half and the mortgage pipeline has also grown by £10.9m, which bodes well for growth in the second half. The pipeline was £45m at the end of May (it was £40.4m a year before).Mortgage advances during the first half were £59.2m (£50.6m), with the Society able to help more than 100 first time buyers gain a foothold on the housing ladder.The retention rate, after mortgages reach the end of special schemes such as fixed rate periods, was 66 per cent. There is only one mortgage in arrears by more than six months. The Society has no properties in possession.On the savings side, the Society saw an increase in the number of accounts, with a net rise of 842 accounts, and retail savings balances grew by £6.5 million.Hinckley & Rugby chief executive Chris White said: “These are very encouraging results, which put us on track to achieve significant growth in the full year.“That the figures are so good during a period of extremely competitive conditions in the mortgage market proves customers and brokers value our approach, our decision making and our commitment to great service. Our staff deserve great credit for their hard work.”

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