Scottish Widows reports 23% mortgage growth

Scottish Widows Bank, the telephone-based mortgage and deposits bank, has reported net mortgage lending growth for 2006 was 1.03bn up 23% from 2005.

It also revealed total mortgage balances as at December 31 2006 stood at 5.60bn.

2006 was Scottish Widows Bank’s 12th successive year of growth.

Graeme Hartop, managing director of Scottish Widows Bank, says: “Our business continues to go from strength to strength, as demonstrated by our strong performance in 2006.

We started out 12 years ago with a team of 18 and have now expanded to nearly 400 employees.

Year-on-year we have experienced exceptional financial growth, which is a tremendous achievement given the competitive backdrop.

Over the past 2 years there has been a strong focus on improving our IT capability. This will continue into 2007 and is a key factor underpinning our growth strategy.

Providing consistently competitive products from a low cost base continues to drive our success in the mortgage and deposit markets and our strategy remains to identify and develop niche areas of the retail banking market.

A good example of this is our professional mortgage product and we remain the UK leader in this field.

There will be a strong emphasis on our marketing activity during the forthcoming year, spearheaded by our first ever television advertising campaign.