Nottingham BS  

Nottingham reports record lending for 2017

Nottingham reports record lending for 2017

Nottingham Building Society reported a record year for gross mortgages lending, with an overall increase in its gross mortgage book of almost 12 per cent

Branch savings were up 8 per cent in the year, to £2.1bn, and have more than doubled in the past five years.

The building society also reported a small increase in pre-tax profit, up to £14.5m from £14.2m.

David Marlow, chief executive of The Nottingham, said:  "Despite continuing uncertainty facing the UK economy, I am pleased to report a year of strong progress in the development of our 'all under one roof' strategy which is focused on supporting and rewarding our members for doing the right thing to plan for and protect their financial futures."

The buildgin society said it processed mortgage applications of £1.4bn, an increase of 29 per cent on the previous record achieved in 2016.

"The number of customers choosing to remain with the society at the end of their mortgage deal is still at high levels with almost two out of every three choosing to do so," Mr Marlow said.

The Nottingham added that it had achieved this despite not joining in with the "aggressive level of mortgage pricing" across the industry.

"We believe the fact that we achieved this, whilst increasing our branch savings balances and delivering an average interest margin of 1.29 per cent, only 3 basis points lower than in 2016 strongly demonstrates our mutual credentials of striking the right balance for members," the society said.

The Nottingham also increased its branch network, adding seven new branches, taking the total to 67, and trading in Norfolk for the first time.

"Whilst branches are vital to our strategy, increasing and improving our digital offering to existing and prospective new members will also be important in the years ahead," Mr Marlow said. "As technology improves, we believe that we can develop our unique proposition to work seamlessly between the world of face-to-face and digital service.

"2017 saw us commit to a multi-million pound investment to develop our digital capability to complement our growing physical presence. Customers and members will see the first step in this journey in 2018 as we replace our current web portals for intermediary mortgage business and online savings with significantly improved offerings."