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Yorkshire BS Group sees 48% uplift in mortgage lending

Yorkshire Building Society Group advanced a record £6.8bn to mortgage borrowers in 2013, a 48 per cent increase on the £4.6bn lent in 2012.

This gave the group – made up of Yorkshire, Barnsley, Chelsea and Norwich & Peterborough building societies and Accord Mortgages, Yorkshire’s broker arm – a record market share of 3.8 per cent at the end of 2013, up from 3.2 per cent a year earlier.

Group mortgage balances grew 7 per cent from £27.6bn at the end of 2012 to £29.5bn at the end of last year.

The average group loan-to-value of its book is 54 per cent, down slightly from 55 per cent at the end of 2012.

The proportion of mortgages with arrears of three months or more across the group fell from 1.69 per cent at the end of 2012 to 1.57 per cent at the end of last year.

Yorkshire says one in four mortgages it advances across the group are offsets and first-time buyers comprised of 36 per cent of all of its house purchase lending. Gross lending above 85 per cent LTV rose 38 per cent from £490m to £675m over the period.

The group made a pre-tax profit of £199.3m, a 26 per cent increase on the £158.1m profit made a year earlier, despite its Financial Services Compensation Scheme levy shooting up 131.3 per cent from £5.1m in 2012 to £11.8m in 2013. 

Yorkshire group chief executive Chris Pilling says: “We lent £6.8bn in 2013 and helped thousands of home buyers and remortgage customers by offering more best-buy mortgages than any other provider. That included our lowest ever fixed rate mortgage and support for first-time buyers by launching the biggest range of 5 per cent deposit mortgages available in the UK.

“As well as providing competitive mortgages, we also worked hard to offer our members a range of strong savings accounts at a time when interest rates remain at a historic low.”

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