Leeds BS sees 33% rise in mortgage lending

New residential mortgage lending increased by 33% to £1.93bn, while net residential lending rose from £668m to £919m annually.

Savings balances grew in the first half of 2016 from £9.2bn to £10.6bn.

Total assets increased by 17% to £14.9bn.

Leeds Building Society Chief Executive, Peter Hill, said: “I’m pleased to report another strong set of results as we continue to help more people save and have the home they want. We have worked hard to provide security and value in this historically low interest rate environment. As a result, membership numbers and mortgage and savings balances are all at record levels.

“We remain focused on helping more borrowers by offering competitive mainstream products, and supporting those who are not well served by the wider market. New residential mortgage lending increased by 33% to £1.93bn (£1.45bn to June 2015), which is significantly above our market share.

“In the first half of 2016 we helped more than 3,900 first time buyers step onto the property ladder, accounting for over £500m of mortgages and 27% of our total lending through initiatives including shared ownership and the Government’s Help to Buy equity scheme."