Gross mortgage lending drops at Leek United Building Society

Gross mortgage lending drops at Leek United Building Society

Leek United has confirmed that its gross mortgage lending in 2018 dropped to £158m, down from the £184m lent in 2017.

Despite this, its overall mortgage assets grew from £796m to £825m over the same period.

Andrew Healy, chief executive of the society, said that the mutual’s lending had been reduced in “in line with the society’s strategic plan”, and argued that it still represented a “solid performance in an extremely competitive market”.

Overall the mutual delivered a group profit before tax of £3.4m, down from the £3.9m registered in 2017.

Healy noted that the coming months are likely to bring even greater challenges, with increased economic and political uncertainty as a result of Brexit.

“However, as a mutual building society, our core priorities remain unchanged: to look after our members’ money, enable home ownership and help people plan for a secure financial future,” he continued.

“Our central aim is to continue to provide all that customers rightly expect from a mutual regional building society: competitive, value for money products, underpinned by the highest possible standards of customer service.”

SOURCE: mortgagesolutions

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