Despite the continued challenges of the pandemic, the Tipton & Coseley Building Society has reported strong results for its 2021 financial year.
The Tipton achieved mortgage book growth of 13.1%, with gross mortgage lending reaching £115m, up from £77m in 2020.
Total savings balances also increased by £39m, profit before tax was £3m, and total assets increased by 17.7% to a record £491m.
Throughout 2021, staff at the Society worked tirelessly in response to record levels of mortgage activity, with demand driven by an active housing market and the Society’s approach to individually assessing every mortgage application on its merits, as opposed to the big lenders’ computer says ‘no’ approach.
Staff were also busy welcoming over 1,100 new savings members to the Society, some of whom took advantage of the Society’s mobile app which allows customers to open, view and manage savings accounts on the go.
Richard Newton, the Tipton’s chief executive, said: “My heartfelt thanks go to my staff colleagues for their commitment to the Society; they play a vital role in our success and continuously strive to provide great service to members, which is even more notable given the challenges of the pandemic.
“As we look to 2022, we remain committed to helping members own a home at all stages of life, and to help them save for the future.”
