Scarborough has released its 2005/06 annual results revealing a 7% jump in group mortgage balances to 1.73m.
Chief executive John Carrier says that record asset growth and increases in mortgage and savings balances were a direct result of a can do business approach where change and adaptation were the norm.
But he adds that such a flexible approach would be even more essential in future to enable the society, and the financial services sector as a whole, to cater for rapidly changing socio-economic factors leading to higher levels of debt particularly among young people.
He says: Our strategy of targeted investment in the development of new systems and infrastructure, to enhance our client and customer service offering, has contributed to our achievement of an 8% increase in our Group assets to a record 1.73bn, a 10% rise in pre-tax profit to 5.6m and a 15% uplift in savings balances, taking these to a record 1.22bn.
However, he warns: In modern Britain, increasing levels of personal debt are frequently being taken for granted.
Young people are borrowing an average of 20,000 to fund higher education costs before they even start work, and continuing house value increases are making home ownership a real difficulty for many people.
That means traditional mortgage products will need to be adapted by more and more mainstream lenders in the future.
Providers like ourselves are going to have to be able to offer out of the box solutions to enable people to get a footing on the first or second rung of the property ladder either for first time-buyers or for those who are rebuilding their credit history after suffering financial difficulties in the past.