Hinckley & Rugby mortgage best lending doubles.
The Hinckley & Rugby Building Society have announced that their gross mortgage best lending more than doubled in 2011, when compared to gross mortgage levels from the year before.
The lenders annual results reveal that in the 12 months up to the end of November 2011, £77 million worth of mortgages were advanced which was a 120 per cent increase on the £35 million that were advanced during 2010.
The Building Society's mortgage best product applications almost doubled between 2010 and 2011, with lending increasing from £48 million to £90 million.
The lender also carried over business of £28 million into 2012 which was an increase from £15 million the previous year. Lending included low LTV buy-to-let deals which accounted for around 6 per cent of the lender’s total mortgage book at the end of the year.
Chris White who is the chief executive at Hinckley & Rugby, commented on the figures advising that the lender had managed to remain profitable in 2011 in spite of increased tension in the funding markets.
He added that various factors had affected money supply and borrowers appetite for making financial decisions, which then meant the mortgage market was in general subdued. Despite increased funding costs the building society managed to increase its market share in residential mortgage best lending.
