Hinckley & Rugby Building Society says 2012 has begun with a continued surge in mortgage business. Speaking after the Society’s AGM today [March 21], chief executive Chris White said February 2012 was the best single month for mortgage applications for four years.
The first quarter of the Society’s financial year (Dec 2011 – Feb 2012) saw applications total £21.6 million, compared to £11.4 million in the same quarter a year before (an increase of 89.5 per cent). At the end of February, commitment to approved mortgages stood at £28 million.
Chris White said:
“The Society’s comprehensive range of fixed rate, discount, tracker, offset and buy to let mortgages continues to appeal to a very wide range of borrowers and mortgage intermediaries who are pleased to be able to deal with an organisation that provides such a high level of personal service that is so hard to find in this day and age”
The first months of 2012 have also seen Hinckley & Rugby successfully launch a new deposit account for businesses, paying two per cent interest, which is proving attractive to companies of all sizes.
The strong start to 2012 follows a busy year, the results of which were discussed at the AGM at the Society’s head office in Hinckley this morning. During a profitable 2011 Hinckley & Rugby more than doubled its mortgage advances.
For the year to November 30 2011, Hinckley & Rugby said mortgage advances totalled £77 million, up from £35 million in the previous 12 months – a rise of 120 per cent.
Mortgage applications also nearly doubled, up from £48 million in 2010 to £90 million in the past year.
Hinckley & Rugby remained profitable against a backdrop of heightened tension in financial funding markets and a squeeze in household incomes and consumer spending, said Chris White.
Arrears remain negligible, with just one case of a borrower in arrears for 12 months or more – the same position as at the end of 2010.
Members’ votes at the AGM were raising money for the Rainbows Children’s Hospice – for each postal vote the Society is donating 20 pence and for each online vote 40 pence.
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 2011
• To re-appoint PricewaterhouseCoopers LLP as auditors of the Society
• To approve the Directors’ Remuneration Report for the year ended 30 November 2011
• To re-elect Patrick Scannell, Nigel Frostick and Andrew Astin as directors of the Society.
A top 20 society, Hinckley & Rugby Building Society has total assets of nearly £600 million and over 70,000 savers. In addition, it has over 10,000 borrowers who are also benefiting from the Society's success. The Society is committed to providing an extensive range of competitive savings accounts and mortgage schemes and to providing the highest standards of customer service.
