Market Harborough Building Society has announced its gross lending total for the whole of last year, and it marks a new record high for the lender.
The society completed mortgage loans worth a total of £198 million during 2023. That is a significant increase on the figure for the year before, which was £182 million. Back in 2021, the gross mortgage lending figure recorded by the building society was just £132 million. Therefore, it has been achieving impressive growth over a fairly lengthy period of time now.
Market Harborough BS is attributing that to its decision to switch its main lending focus. Rather than concentrate its energies on the mainstream residential sector, which is an intensely competitive field, it has chosen to redirect its focus towards people who have complicated financial situations. The lender is stating that this tactic has brought about a £100 million rise in the value of its mortgage book.
Its chief executive Iain Kirkpatrick told Mortgage Solutions:
“I’m grateful to our members, partners and to our dedicated colleagues for their continued support and trust in our society.”
In addition, the society has also praised the work that mortgage advisors are doing in making sure loans are successfully completed. It argued that it is supporting them in doing that work by providing one day of notice at a minimum before shelving mortgage products.
This kind of notice period certainly makes it easier for advisors with CeMAP training to get applications for loans across the line while a product is available.
