Yorkshire Building Society (BS) has released new figures showing that its mortgage balance went up to £41.9 billion last year, compared with £38.8 billion for the year before.
The lender is stating that 2021 saw it provide a total of 75,732 mortgage loans to borrowers, with first-time homebuyers dominating its market. They accounted for £3.6 billion of its overall lending total of £10.3 billion for the year – which amounts to 36% of it.
Furthermore, although the mortgage approval numbers for Yorkshire BS went down during the autumn of last year, in the wake of the end of the holiday on stamp duty payments, they rose during the final two months of 2021 to the point where they were higher than the average before the Covid-19 crisis.
According to Mortgage Introducer, the Interim Chief Executive for Yorkshire BS, Stephen White, stated that the company’s record high mortgage balance was down to its mutual business model that had enabled it to support first-time homebuyers. He then went on to say that:
“The strength of our mortgage book has helped us to support borrowers facing serious financial difficulty and, at a time of rising house prices, release some of our provisions.”
The figures issued by Yorkshire BS also show that it saw a huge operating profit rise last year, from £170.5 million in 2020 to £297.3 million.
Advisors will be using their CeMAP training course knowledge to find the right lenders for first-time homebuyers in the current market.