Notwithstanding a record level of investment in technology, branches and community services, Leek United Building Society achieved a strong set of financial results in 2021.
Profit was well up and total assets increased to a record level of £1.18bn. The Society’s gross mortgage lending increased to £174m (2020 £161m) which contributed to its total mortgage book of £869m (2020 £864m).
Although the economic impacts of the pandemic persisted during 2021, the housing market remained remarkably resilient.
The stamp duty holiday was one contributing factor, as was the continued low interest rate environment.
The Leek took advantage of this positive backdrop by providing a competitive and market-appropriate product suite, supported by its bespoke approach to underwriting.
A key component of Leek United’s lending strategy is that it does not use automatic credit scoring to make mortgage decisions.
In line with its commitment to providing personal, flexible service that meets the needs of customers, all mortgages are individually reviewed and underwritten by an experienced credit team.
This bespoke approach, coupled with its commitment to responsible lending, represents the key to the excellent quality of the Leek’s mortgage book and its high customer satisfaction ratings.
Leek United’s mortgage offering includes lending on new build properties and flats up to 95% LTV for residential mortgages and up to 75% LTV for Buy to Let (BTL) mortgages.
The Society welcomes BTL applications from non-homeowners and those looking to let their property out to family members, providing support to those purchasing their first BTL property through to those with an established portfolio.
Demonstrating its responsiveness to feedback from brokers, the Leek recently introduced BTL top-slicing for its standard BTL range.
And looking further ahead in 2022, the Society plans to build on these strong foundations by expanding its product suite and lending criteria as it seeks to enter new areas such as the Holiday Let market.
The Leek’s level of capital held at year end was well in excess of the amount required to meet regulatory requirements and very importantly, positioned the Society to continue to invest in its future competiveness and sustainability.
A record level of investment of more than £1m was expended in 2021 with significant progress made on delivering the Society’s digital ambitions which involve providing secure online savings and mortgage solutions for its customers and intermediary partners.
Leek United’s commitment, competitiveness and high standards were recognised again during 2021.
For the fourth consecutive year, the Society was awarded Best Variable Rate Mortgage Lender at the national Personal Finance Awards.
Having been a winner in 2020, the Leek was a double finalist in the prestigious annual Chartered Institute of Personnel and Development (CIPD) awards in 2021.
Further independent recognition of the Society’s high standards came from its accreditation by the Good Business Charter which measures a range of responsible practices including diversity and inclusion, environmental responsibility, employee wellbeing and commitment to customers.
A core part of Leek United’s mission is to make a positive difference to local communities. This community centric focus was seen through continued fundraising efforts during 2021, with over £60,000 raised for local good causes.
The Leek also partnered with AEDdonate to install multiple Automated External Defibrillators across its heartland counties.
And perhaps most notably, the Society recently established a charitable foundation which will provide grants to local charities and community groups.
Chief executive Andrew Healy said: “Given the prevailing Covid-19 backdrop, the progress made is extremely satisfying and reflects extraordinarily well on our entire team of staff who have had to dig deep to provide our usual high standard of service.
“I simply cannot praise their efforts enough. We together finished 2021 with improved financial results and a stronger capital base while at the same time we significantly advanced our investment in technology, capability and infrastructure which will support our business, members and partners over the generations to come.”
The 159th Annual General Meeting of Leek United Building Society will be held at 12 noon on Wednesday, 27 April 2022 at Leek Cricket Club, Macclesfield Road, Leek.
