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Britannia reports surge in mortgage applications

Britannia Building Society has reported a surge in business with mortgage applications up 47 per cent for the year according to the Financial Times.

But the society reported a slight fall in the net interest margin, the difference between the cost of borrowing and the income from lending, to 1.4 per cent.

Group profits before exceptional items rose 15 per cent to £72.9m from £63.2m due to a fall in administrative expenses and an increase in cross selling of insurance.

But almost all the increase was wiped out as £6m was set aside for pensions misselling and £3.2m was used to fight off the challenge of carpetbagger in chief Michael Hardern.

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