Mortgage lending soars at building society
Ecology Building Society has achieved an increase in total assets of 13.40% to above £250m for the first time, with a record 77% increase in new mortgage lending in its results for the year ending 31 December 2021.
In 2021 Silsden-headquartered Ecology lent over £69.4m supporting 371 sustainable properties and projects ending the year with a 22.3% growth in mortgage assets.
It also reported profit after tax of £1.019m (2020: £0.524m).
The Society offers a range of savings accounts which fund mortgages for properties and projects supporting individuals and communities to adopt green building practices, improve the energy efficiency of the UK’s housing stock and to live or work in a way that promotes a sustainable economy.
During the year the Society launched its 2030 Strategy, setting out how it will realise its ecological mission for the remainder of the decade ahead.
Chief executive, Paul Ellis, said: “2021 was a special year for Ecology as we marked our 40-year anniversary of pioneering sustainable finance.
“We’re powered by over 12,000 members, so it was critical they helped to shape our new strategy setting out how we will realise our ecological mission for the remainder of this decade.
“Looking ahead our strong pipeline of lending for low impact homes and financial position gives us a firm foundation to continue to invest in our services to our members, innovate, and grow our sustainable lending further during 2022 and beyond.
“I am departing Ecology well assured that I will be leaving the Society in the very capable hands of those who are determined to build on the Society’s legacy as a leading example of the transformative power of ethical finance.”
Ellis is stepping down at the end of April 2022 after more than 40 years of involvement with Ecology, 27 of which as chief executive.