View more on these topics

Lending boost for Chelsea

Gross mortgage lending at Chelsea Building Society increased by 35 per cent from £1.72bn in 2002 to £2.32bn last year.

Net mortgage lending increased by 28 per cent from £686m to £878m while profits rose by 13 per cent from £50.1m to £56.8m.

The number of borrowing members at the Chelsea has risen to 85,000 and the society says a low-risk lending strategy underpinned by strict underwriting criteria has resulted in mortgage arrears of close to half the industry average.

Chief executive Michael Bage says: “We continue to demonstrate our underlying strengths by outperforming our peers and 2003 is no exception.

“On top of that, the Chelsea remains absolutely committed to its branch network and we are bucking the trend in the financial services sector by opening new offices in Plymouth last year and in Birmingham later this year, providing tangible evidence of our commitment.

“We plan to continue the branch opening programme over the coming years.”

Recommended

Talkback

“I don&#39t know but it still does not leave much room for advice. If they do not raise the cap, it will make it very hard for these products to be sold.”Martin Gale, Martin Gale “I think they will eventually – the market has been saying they should for a while.”David Rigby, Beresford Insurance Brokers […]

Co-op Bank and CIS to recruit 500 staff in UK

Co-operative Bank and CIS are to take on another 500 service centre staff in north-west England over the next 12 months. At a time when many other insurers and banks are outsourcing overseas, it plans to recruitment for 200 new positions and 300 existing ones in Manchester, Skelmersdale and Stockport. The bank and CIS, which […]

IFAs say Standard should demutualise rather than sell off

Most IFAs believe Standard Life should demutualise and would rather see it demutualise than sell off subsidiaries such as Standard Life Healthcare and Standard Life Bank, according a Money Marketing Online survey. Fifty-seven per cent of the respondents to the online survey believe Europe&#39s biggest mutual insurer should abandon mutuality and 47 per cent believe […]

Judging the judge

I was delighted by Communication Workers Friendly Society chief executive Edward Chapman voicing his opinion that the Government might not be taking the most appropriate action with Sandler products (Money Marketing, January 29). It ought to be remembered that Sandler has his personal pension with Equitable Life and does not have the ideal background to […]

Derek Stuart: where to find value in the UK?

Derek discusses a number of Œself-help stories as examples of where he is finding good opportunities in the UK With the FTSE trading at historically high levels, many investors have questioned whether UK equities continue to offer value. But, as Derek points out, the headline figures mask many opportunities at a sector level. He has […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment