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Skipton BS advances in first half of 2011 up 409% year-on-year

Skipton Building Society advanced £717m in new mortgage loans in the first half of the year, a 409 per cent increase on the £141m advanced over the same period last year.

Announcing its half-year performance today, the building society reported pre-tax profits of £6.3m for the first half of the year, compared to £21.7m in the first half of last year.

In the first half of the year, Skipton represented 1.1 per cent of the UK mortgage market.

It increased its core tier 1 capital ratio to 10.5 per cent, compared to 9.9 per cent this time last year.

Across the group, the proportion of loans where the arrears balances was greater than 2.5 per cent of the total balance was 1.48 per cent, roughly the same as the Council of Mortgage Lenders’ industry average – 1.47 per cent.

Accounts where the amount in arrears was less than 2.5 per cent of the balance outstanding was down to 0.65 per cent of the society’s mortgage book, from 0.66 per cent at December 31.

Group chief executive David Cutter says: “We have increased our new lending fivefold and helped to boost market competition by offering product solutions for evolving needs, such as mortgages for low-deposit buyers and landlords.”

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