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Mortgage lending up 13% at the Cambridge

The Cambridge Building Society has reported gross mortgage lending of £144.5m for 2011, representing a 13% increase on the previous year.

Its 2011 results also reveal a pre-tax profit of £0.6m, down from £1m in 2010.

The society’s mortgage balances were up 8% on the previous year at £55.7m, while its savings balances were up 7% at £940,999.

The lender’s total assets are up 6% at £1bn.

Andy Lucas, commercial director at The Cambridge, says: “Over the past 12 months, the society has gone from strength to strength as it has invested in enhancements to the products and services it offers, both direct and via its intermediary channel.

“I am delighted with the success we have achieved in 2011 and we aim to grow at a similar pace in 2012.”

He adds: “The Cambridge has money to lend and we are committed to building and maintaining sustainable relationships with mortgage intermediaries.”

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