View more on these topics

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.”


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm