Bath Building Society has released new figures showing that the number of mortgage loans that it approved over the course of last year hit a new record high.
These figures show that the building society’s overall mortgage lending total for 2020 was £60.6 million. This represents a massive increase on the total for the year before, which was £43.3 million, and last year also saw the mortgage book for Bath Building Society undergo an expansion of 7.9% – at the end of 2019, it stood at £247.7 million, but by the close of last year, it was worth £267.4 million.
There was a 6.5% rise in the total assets for the building society across 2020, taking this total to £353.4 million. In part, that was due to the success of its bid to expand its financing base, which grew by 6.4% during the year – compared with growth of 1.7% during 2019.
Bath Building Society Chief Executive Kevin Gray told Mortgage Introducer that the company was delighted to have grown both its mortgage book and lending in the midst of the pandemic, and that its balance sheet and savings were both very healthy.
Gray went on to add that:
“Our strategy will remain focused on improving the lives of our growing membership through promoting saving as a means of achieving financial security and by facilitating home ownership.”
These figures will make great reading for any advisor with CeMAP training, as higher levels of lending make it more likely that they can secure mortgages for their clients.