Yorkshire Building Society provided 41,000 residential mortgages last year, the society’s annual results revealed.
In the year the society launched its £5k Deposit Mortgage – enabling borrowers to buy a property worth up to £500,000 with a deposit of just £5,000 – mortgage balances grew by 6.2% to £49.7bn, compared to £46.8bn a year earlier.
Gross mortgage lending also increased to £9.7bn and net lending increased to £2.9bn, up from £1.6bn in 2023.
In addition, the society’s Net Promoter Score (NPS) – which measures customer satisfaction – increased to a record high as the mutual invested in digital and improving customers’ experience.
The society’s profit before tax was recorded at £383.7, while its core operating profit was £345.7m.
Susan Allen, chief executive of Yorkshire Building Society, said: “Yorkshire Building Society’s solid performance has continued in our 160th year.
“Throughout our history, we have focused on helping generation after generation find a place to call home and improve their financial wellbeing.
“We’re a proud mutual, with no external shareholders, so our profits are returned to our members through higher savings rates, and reinvested in our products, services and communities.”
Allen added: “We know through our own research that homeownership is moving further out of reach for many people, and that nearly one in five UK adults have less than £100 in savings.
“Against this backdrop, the support we provide is extremely important in helping our members and customers find a place to call home and build their financial wellbeing.”
