Market Harborough Building Society has reported another year of strong financial results, achieving a profit before tax of £3.4m in 2024.
In 2024, the specialist lender’s total assets grew to £863m and it achieved mortgage book growth of £66m, contributing to 45% book growth over the past three years.
The society reported particularly strong growth of over 81% in its bridging finance lending, helping 52% more bridging brokers in 2024.
Throughout last year, Market Harborough enhanced its bridging finance offering, by simplifying rates, introducing products up to £5m and extending its maximum loan-to-value (LTV) of 70% to all applicants.
Throughout 2024, the society continued to enhance its service and proposition offering with increased tools and support, recently announcing the formation of its Lending Advisory Panel.
The panel is a new initiative designed to supercharge its lending business through innovative propositions, distribution strategies, and process transformations.
The society also reported strong growth in its savings, with total savings balances growing by £152m, marking the third consecutive year of record-breaking inflows and beating past highs of £94m in 2023 and £92m in 2022.
In 2024, the society also continued to give back to local good causes through its Thrive! Agenda, including £50,000 to the Leicestershire and Rutland Community Foundation to support various good causes, and £60,000 to the Leicester South Foodbank to support them with their move to new premises.
Additionally, it contributed £7,000 to Market Harborough Against Bullying, which was the profit earned on the extra ‘Leap Day’, and its colleagues donated an impressive 2,000 hours to volunteering.
In a move to ensure its community continues to have access to important financial services, in October 2024, the Society launched a OneBanx kiosk in its Market Harborough branch to provide essential access to cash for both personal and business customers of any bank or building society following the closure of many high street branches.
Iain Kirkpatrick (pictured), CEO of Market Harborough, said: “Our commitment to helping borrowers with complex needs remains as strong as ever.
“We’ve stayed true to our promises, made decisions based on what was right for brokers and their clients, and are proud to have delivered another record-breaking year, helping more brokers than ever before.
“Our award-winning performance in the short-term bridging loan sector has been particularly robust.”
He added: “To meet the growing demand for an experienced, trusted specialist lender, we’ve expanded our team to reach more brokers and provide even more support to our existing partners.
“Our recently launched Broker Promise reflects our dedication to being the best for brokers, ensuring they receive the highest level of service and support.
“Our brokers have expressed high levels of satisfaction with our services, and we’re proud to have been awarded the Feefo Platinum Trusted Service Award for the second year in a row.
“Additionally, we are proud to be a signatory to the Mortgage Industry Mental Health Charter, underscoring our commitment to promoting mental well-being within the industry.”
