The Cambridge Building Society has reported that it improved its mortgage lending by over £2 million last year, as well as growing the value of its mortgage book.
The results for last year show an increase of £241 million in the building society’s mortgage lending, while its mortgage book value grew by 2% over the course of the year. These represent impressive results in the midst of the COVID-19 crisis, and the fact that The Cambridge also managed to post a healthy £4.8 million pre-tax profit for 2020 indicates that it has coped well with the pandemic.
Furthermore, it is not just the financial figures for last year that are encouraging for The Cambridge, as the results of the report also show broad satisfaction with its services among intermediaries. A total of 82% stated that they were very or extremely happy with these, compared with 77% at the end of the previous year.
There was also a slight year-on-year rise in the number of intermediaries who indicated that The Cambridge was meeting or rising above their expectations, increasing to 99% from 98%.
Speaking to Mortgage Introducer about the financial figures, Richard Brockbank from The Cambridge said:
“I’m delighted by our strong set of financial results considering the challenging year we’ve all had.”
Its Chief Commercial Officer, Carole Charter, stated that everyone at The Cambridge had shown commitment to supporting intermediaries throughout the crisis, which these results proved.
Lenders showing positive results like this following the pandemic will be encouraging news to advisors who have finished CeMAP courses and are looking for opportunities.