As per Skipton Building Society’s latest financial results, it has supported almost 40% more FTBs, with 19,120 FTBs getting onto the property ladder in the last year
Skipton Building Society’s mortgage advances have risen 6.3% year-on-year to £6.7 billion in 2023, its latest results have shown.
As per Skipton Building Society’s latest financial results, it has supported almost 40% more FTBs, with 19,120 FTBs getting onto the property ladder in the last year.
This is equal to one in three of all loans advanced, the lender said.
The firm’s group mortgage balances rose to £28.6 billion, equivalent to a market share of 13%.
The firm said that this was despite the mortgage market being “stagnant for the majority of the year”.
Skipton Building Society added that residential mortgages in arrears of three months or more stayed low at 0.23% at the end of the year. This compares to 0.17% in 2022, but is below the industry average.
An additional £30.9 billion of lending has been generated by Connells for UK mortgage providers in 2023, which is down from £36.9 billion in 2022.
The firm’s underlying group profit increased to £308.6 million, an increase from £297.7 million in 2022.
Its net interest margin increased to 1.53% from 1.35% in 2022, which it attributed to the “rising-interest-rate environment, which created opportunities to generate higher net income that we are reinvesting to deliver further benefits for members”.
Skipton Building Society said that the value of its track record mortgage, which aims to help people trapped in rental cycles get onto the property ladder with a deposit-free mortgage that includes rental history, has been “clearly demonstrated”.
The lender said that applications had totalled £62.4 million since it launched in May and there had been nearly £29.7 million in completions.
It added that, since it expanded its criteria to previous homeowners, it was helping more renters onto the property ladder.