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Yorkshire triples lending and boosts profits

Yorkshire Building Society tripled its mortgage lending last year to £2.8bn from £936m in 2009.

The society, which comp- leted a merger with Chelsea Building Society in April 2010, made a £115.4m profit last year after a £12.5m loss in 2009. Total assets increased year on year by 32 per cent to £30.1bn from £22.7bn.

Yorkshire increased its savings balances by over 55 per cent to £21.4bn from £13.8bn.

It says over 80 per cent of new mortgage lending completed on a fixed-rate basis, with almost half on a term of three years or greater, while one in three were on an offset basis.

Chief executive Iain Cornish says: “We are operating within the constraints of a fragile economy and historically low interest rates but we are pleased the society has made excellent progress.”

Chadney Bulgin mortgage partner Jonathan Clarke says: “They are very impressive results. Accord products have been very aggressively pricing fixed rates over the past couple of years, usually they are top of the pile. I think their intermediary model has been very straightforward. They have very bread and butter mortgages but they do have good rates.”

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