A spokesperson for Skipton Building Society has revealed that the lender set a new record for mortgage applications across the opening six months of 2022, with more than 20,000 being recorded.
The opening half of the year saw the lender record 20,160 applications for loans, which in turn brought a rise of £7 million in the total value of mortgage applications year-on-year. The figures that it has released for this six-month period show that May was the month that brought the highest number of applications, with £1.1 billion worth being recorded. That is also the most for a single month that Skipton BS has ever witnessed.
The record applications total for the period helped the building society to boost its mortgage portfolio to £24 billion, which represents growth of 3.1%. The net mortgage lending that it conducted during 2022 H1 also helped the residential mortgage sector in the UK to grow by 2.2%.
Speaking to Mortgage Solutions, the Interim Group Chief Executive for Skipton BS, Ian Cornelius, stated that these impressive figures had been achieved during a period when the economy and individuals are both finding it hard. He then went on to add that:
“Our role at Skipton is to help people navigate these challenging times, and it’s very pleasing to see our competitive offering and first-rate service have enabled us in recent months to help more people than ever before.”
The role of mortgage advisors after their CeMAP training courses is also to help borrowers during tough economic periods.