Market Harborough Building Society has announced that its total revenues for last year from new mortgage lending rose by a considerable amount compared with the totals for the previous two years.
The revenue that the company achieved through new mortgage lending last year was £182 million. By comparison, the total for the year prior to that was £132 million, while across the whole of 2020 it was £94 million. The figures for 2022 that have been released by the building society show that it has also managed to grow its mortgage book by 15% year on year.
It did report a small drop in its overall profits before tax, from £5 million to £4.5 million, but the latter is still a sizeable increase on the £2.7 million pre-tax profit for 2020. Bridging loans and mortgages for holiday let properties are the two areas of the market where Market Harborough BS has seen the highest growth in demand, according to a spokesperson.
This spokesperson also stated that the lender foresees difficult conditions for some of its borrowers throughout the remainder of this year, due to continued rises in living costs and house prices going down. However, it indicated that it has improved investment in training for its staff to ensure that they are able to deal with customers who are in a vulnerable position.
This is something all advisors have to consider as a supplement to the CeMAP qualification right now, but they will be encouraged by the figures reported by Market Harborough BS.
