First-time Buyers
Principality BS mortgage lending hits £1.1bn
Gross mortgage lending at the Principality Building Society reached
The Welsh mutual reported a 10.7% increase in gross lending for the year, surpassing 2012’s record breaking figure.
Principality, which lends across the UK, said it had helped more than 1,800 first-time buyers purchase their first property in the last 12 months and now accounted for 12% of all first-time buyers in Wales.
Net retail mortgage lending for the year was £436.3m and the group posted a £28.7m profit before tax for the 12 month period.
Principality group chief executive Graeme Yorston said: “We have remained true to our core principles of helping people to buy homes and I am pleased that we have done this whilst also providing a secure and rewarding home for our members’ savings.
“As a mutual society, our main aim is not to maximise profits, but to achieve the right balance between savers, borrowers and profit. We continue to remain reliant on retail savings, with 94.2% of our lending funded in this way.”
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