Leeds Building Society Sees Incremental Boost in Gross Lending
There is great diversity from one UK lender to the next of the amount of gross lending data for the year. Leeds Building Society is one of those firms which have broken through over the first two quarters of the year. They have recently reported a 61% increase in the amount of gross lending for the first half of 2011. Overall, gross lending totaled 642 million pounds. During the same period last year, Leeds Building Society had posted a number which was 242 million pounds.
The lending total is almost double the normal percentage of the mortgage market for the year.
Leeds has also reported achieving a pre-tax profit of almost 27 million pounds for the first two quarters of the year. That is almost 50% higher than the same time last year.
The loan to value for Leeds during the first half of 2010 was just north of 50%, while a marginally higher 53% was posted for the first half of 2010.
Ian Ward, chief executive of Leeds, commented on the role of Leeds within the UK mortgage market, saying: “Leeds Building Society has achieved another excellent set of financial results for the first half of the year and provided more capacity and choice to the UK mortgage market.
"We intend to increase new lending further this year, to around £1.3bn, which will support many more FTBs on to the housing ladder and enable other borrowers to move their mortgage to us."