Building society sees record mortgage lending

The Tipton & Coseley Building Society has reported strong results for its 2021 financial year as its total assets increased by 17.7% to a record £491m.

The Society’s mortgage book grew 13.1% and gross mortgage lending reached £115m which is up from £77m in 2020.

In addition, the total savings balances increase by £39m with profit before tax standing at £3m.

The Society says throughout 2021, its staff “worked tirelessly” in response to the record levels of mortgage activity and staff also welcomed more than 1,100 new savings members to the Society

Richard Newton, the Tipton’s chief executive, said: “My heartfelt thanks go to my staff colleagues for their commitment to the Society; they play a vital role in our success and continuously strive to provide great service to members, which is even more notable given the challenges of the pandemic.

“As we look to 2022, we remain committed to helping members own a home at all stages of life, and to help them save for the future.”