Loughborough’s gross mortgage lending up 7% in 2011
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The Loughborough Building Society has reported a 7% year-on-year rise in gross mortgage lending for 2011.
The lender’s annual results for the year ending October 31 2011 show it lent £197m in mortgages over the 12-month period.
It also reported a 13% increase in pre-tax profit, from £661,000 in 2010 to £751,000 in 2011.
Gary Brebner, chief executive of the Loughborough, says the society performed well last year despite a difficult market.
He says: “During the past year the economic climate has not been easy for borrowers or savers and the UK mortgage market has contracted, but we have achieved increased gross lending without compromising on quality.”
He adds: “The amount of interest we received has remained at about 2010 levels, thanks to a rise in mortgage assets and greater customer retention. However, the low interest rates reduce the income received from liquid assets held by the Loughborough.”
The Loughborough has put aside a further £57,000 to cover any potential losses on mortgages, but it says that arrears cases remain under control and are lower in number than in 2010.
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