private bank Hampden & Co has seen an uptick in retirement mortgage lending in the first half of 2023, reporting a 10% increase, contributing to the bank’s overall strong performance.
Alongside the boost in retirement mortgages, the bank experienced an 8% growth in clients over the first six months, ending with over 5,000 clients. This increase was reinforced by a rise in professional referrals, and year-on-year, client numbers grew by 13% since H1 2022.
Total lending for Hampden & Co, including its retirement mortgages, rose 6% year-on-year to £461m. Total deposits also saw a 6% growth, reaching £773m.
The demand for the bank’s retirement mortgages, which allow individuals to raise funds against their principal property for various purposes such as estate planning, highlights a broader trend in the market. This growth was particularly impressive, being up 39% year-on-year.
The bank also reported that its total income for H1 2023 reached £15.5m, a 74% year-on-year increase, with a pre-tax profit of £5m.
Hampden & Co’s CEO, Graeme Hartop, said: “The UK banking sector continues to experience change, and we believe we are very well positioned to increase market share in the private banking sector.
“It is particularly pleasing to see the growth in our retirement mortgages, reflecting our ability to meet the specific needs of high-net-worth customers.”
