Hinckley & Rugby Building Society received more than £54 million of mortgage applications in the first half of its financial year, a 40 per cent increase on the same period a year before.
The £54.7 million of applications in the six months to the end of May 2013 is up from £39.2 million in 2011/12. The full year applications total was £83 million in 2011/12.
The surge in applications gives the top 20 Society a large pipeline of mortgage business and momentum towards its full year applications target of over £120 million.
The Society’s mortgage team has been beefed up with new staff arrivals since the year began, to cope with increased activity. Meanwhile, a dedicated team for introducers is forging links with more mortgage clubs and platforms to help drive this important source of new business.
Chris White, chief executive of Hinckley & Rugby Building Society, said: “We are seeing new levels of demand from potential customers – both direct and via intermediaries.
“Our job now is to sustain that higher activity by continuing to offer attractive mortgages, delivered with our outstanding and personal levels of customer service.”
The first half also saw the society become one of the first mutuals to be approved by the Bank of England for its Funding for Lending Scheme (FLS). Hinckley & Rugby has made its first drawdown of funds from the Bank and can now access more whenever it needs.
Chris White said: “There was a lot of hard work to do but we met and exceeded all the quality and regulatory standards required. The availability of funding from the FLS and FLS Mark II has allowed us to set bigger targets for mortgage lending, both this year and next.”
Savings balances have continued to grow, as savers flee unwelcoming banks. Whilst banks have used the availability of FLS cash to slash savings rates, Hinckley & Rugby has sought to minimise such impacts on its existing savers.
All branch-based accounts have had their interest rates maintained and, bar postal and business accounts, new editions of savings products have been launched rather than cutting rates for existing customers.
Chris White said: “We’ve stayed true to our principles and are playing the long game in our heartlands – staying true to our customers who have been loyal to us.”
The first half of 2012/13 saw two more branches given the new Hinckley & Rugby Building Society branding. More branches will be converted in the coming months, including in Hinckley, Lutterworth and Coalville.
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!)