Marsden Building Society has seen an increase in gross mortgage lending from £116m to £122.8m in 2018 and will maintain its strategy of investment, including further innovation in technology with the launch of an online platform for intermediaries supporting loan applications.
The society also said it will be further supporting first-time buyers with the introduction of a joint borrower sole proprietor product.
In 2018, Marsden BS increased the size of the business to over half a billion for the first-time in its history, with assets rising by 8.75% to £514.2m. The total mortgage book grew by 9.06% to £419.1m.
The borrower contact programme reached 1,046 households in 2018, with two in three opting to continue with their Marsden mortgage.
At 31 December 2018, only 0.06% of the portfolio was past due by three months or more or impaired, compared to 0.11% in 2017.
In 2018, Marsden BS had one customer with a mortgage account in arrears, including those in possession, as opposed to 2017 when there were two.
There were arrears outstanding of £117,710, although the balance outstanding of £606,816 had fallen from £635,709 in 2017.
In 2018, profit after tax rose by 52.2% to £1.76m from £1.18m on the previous year, whilst profit before tax stood at £2.2m compared to £1.4m in 2017.
Net interest income rose to £8.28m from £6.97m in 2017, whilst the net interest margin increased to 1.68% from 1.57%.
Looking at how external factors may impact
Marsden BS chairman, John Walker, said he is pleased to introduce his first welcome as chairman of the Marsden BS, having joined in March 2018.
He added: “This year, I’ve seen the successful delivery of the Marsden’s ambition for the year as we maintained a continued focus on building financial strength and supporting our members.
“As a mutual, we are extremely proud of our heritage and our core purpose to support people owning their homes and building their savings for the future.
“The economic environment is changing and so is the political landscape in which we operate. Our strategic planning sees the society continuing to grow in the coming years and we have invested more time in looking at how the external factors may impact on our members and in our forward plans.”