Mortgage deals advanced by Hinckley & Rugby significantly increase.
The number of Hinckley & Rugby Building Society mortgage deals approved and advanced increased by over 68% year on year up to May 2012.
For the six month period covering December 2011 to May 2012 £46.2 million was advanced compared to £27.4 million for the same period a year earlier.
Hinckley & Rugby predict that the total mortgage deals likely to be advanced by the end of 2012 will be around £92 million. The total value of its mortgage book is now £433 million.
Chris White who is the chief executive at Hinkley & Rugby commented saying that the low base rate has constrained all building societies, however Hinckley & Rugby is managing to perform well. He added that the lender is aiming to increase lending, advising that its mortgage-holders remain satisfied with the exceptional service offered.
He said that the retreat by some big lenders from the mortgage market came as a surprise to many who then turned to building societies such as Hinckley & Rugby.
The building society is a relatively a cautious lender, however many first time buyers are being helped with the 90% loan to value mortgage deals that are on offer.
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