Cambridge Building Society reports strong mortgage results

Speaking as it announced a pre-tax profit of £2.5m for 2013, the mutual’s finance director said it had maintained a strong position in the mortgage sector, despite the “ongoing pressures lenders had faced since the financial downturn”.

He added that the society had provided £200m of funding to local people from 18 branches in the Cambridge area, and said: “As a mutual business, maintaining long-term financial stability remains a key area of our focus.

“By delivering a pre-tax profit of £2.5m, the society has returned to capital replenishing levels of profitability and further strengthened its financial foundations.”

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Robin Fieth, chief executive of the Building Societies Association, said recent results by member firms had been positive and “indicated the strength and resilience of the sector in both the mortgage and savings markets”.

Adviser View

Andy Peacock, mortgage adviser for Cambridgeshire-based Stuart Nunn & Associates, said: “We use The Cambridge Building Society quite often, it has a very flexible approach, and crucially offers something different to the banks, including proper underwriting from human beings.”