Monmouthshire BS sees 15% rise in mortgage lending

This has led to an overall net increase in the value of mortgage assets of £65 million (2014: £61 million) to £798 million. The building society said that its results were partly achieved by the provision of a range of low deposit mortgages and fixed rate products.

Total assets crossed the billion pound threshold in October 2014, reaching £1,044.1m for the year to 30th April 2015 - an increase from £976m the previous year. Profit after tax reached £5.1m.

Despite the current low interest rate environment experienced by savers, the net inflow of retail savings rose to £61.9m from £54.6m in 2014.

Chief Executive, Andrew Lewis, commented:

“This latest set of annual results demonstrate another exceptional year of business for Monmouthshire Building Society. We remain a strong and secure organisation, and our continued growth is a clear indication that our product range reflects the needs of our customers, and our tried and tested formula is as relevant today as it was some 146 years ago when we were founded.

“As a regional mutual organisation, we take enormous pride in the ongoing support we offer local first time buyers to help them achieve their dream of owning their own home. The strength of our overall net lending reflects the Society’s continued focus on the provision of affordable finance and prudent mortgage lending."

Haydn Warman, Chairman, added:

"The Society continues to significantly outperform other building societies in our peer group, and these encouraging results signify a return of confidence in the UK housing market.

“Our aim for the year ahead is simply to continue to grow the Society so that we can help more people enjoy the benefits of mutuality, to enhance our products and services and continue to make a significant contribution to our local communities. Our growing retail network which prides itself on friendly, approachable staff members coupled with highly competitive, customer-focused products and services are our greatest assets, and it’s very rewarding to see our hard work pay off with these well-deserved results.”