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Yorkshire Building Society mortgage lending up 12% to £4.6bn

Yorkshire Building Society

Yorkshire Building Society’s new mortgage lending rose 12 per cent in 2012 to £4.6bn, up from £4.1bn in 2011.

The building society’s annual accounts, published today, show pre-tax profit rose 21 per cent from £129.7m in 2011 to £157.1m.

First-time buyers accounted for 38 per cent of all house purchase mortgages. New lending above 85 per cent LTV accounted for 10.7 per cent of all new lending in 2012, up from 3.3 per cent in 2011.

Yorkshire’s market share rose from 2.9 per cent in 2011 to 3.2 per cent last year.

The society grew its number of new members by 6 per cent, up from 3.3m in 2011 to 3.5m last year.

Yorkshire Building Society chief executive Chris Pilling says: “Our core operating profit remains very strong and gives the group the opportunity to invest significantly as we balance profits with delivering value to our customers.

“We are now embarking on another important phase in our growth. After completing a series of mergers and acquisitions we entered a period of integration while continuing to grow our business. Having consolidated that position, we are now investing in making the most of our expanded capability to enhance our products and breadth of services.”

The society has revealed plans to invest £160m in a five-year programme aimed at improving products and services as well as back-office infrastructure and staff development.

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