Hinckley & Rugby Building Society has a £30m pipeline of mortgage applications as it gears up for growth. The trading update comes as members gathered today [March 20 2013] at the Society’s AGM. 2013 is poised to be the Society’s 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 £3.2m in the first quarter.
The AGM heard how Hinckley & Rugby increased its mortgage lending by more than 14 percent in the 12 months to November 30 2012 and has set an ambitious target of a further 36 per cent rise in 2013.
Costs were again closely managed, administrative expenses rising slightly to £4.611m (£4.532m). 2012 saw the redesign of the Society’s brand and three out of the Society’s 10 branches have now been refurbished with the new identity. During the current year the other seven branches will also be given the new branding and interior design.
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.”
At the AGM the following resolutions were passed:
•To receive the Directors’ Report, Annual Accounts and Annual Business Statement and the Auditors’ Report for the year ended 30 November 2012
•To re-appoint PricewaterhouseCoopers LLP as auditors of the Society
•To approve the Directors’ Remuneration Report for the year ended 30 November 2012
•To elect Jeffrey Pritchard and re-elect Patrick Scannell, Paul Parmenter and Andrew Payton as directors of the Society
•That the rules of the Society be amended to reflect changes in building society law and practice.
Member since: 10th July 2012
Shy retiring (!) red-head, working hard to showcase everything great about our town and villages. Loves her son, her man & Bruce Springsteen (but not always in that order!)