Mortgage approvals by Yorkshire Building Society trebles in 2010

Yorkshire Building Society - Impressive Topline Growth

Yorkshire Building Society – Impressive Topline Growth

The Yorkshire Building Society approved three times more mortgage lending applications in 2010, the company revealed.

Total mortgage approvals stood at £2.7 billion for the year 2010, a 300 percent jump over £936 million it had lent in 2009.

The firm – which merged with the Chelsea Building Society last April, said one in three mortgages approved were on offset basis while nearly 80 percent of total approvals were on fixed rate basis. Nearly half of all fixed rate mortgages were approved for a term of three years or more.

The average Loan-to-Value (LTV) for the year was marginally higher at 56 percent compared to 52 percent recorded in 2009.

“We have remained committed to providing people with mortgages, allowing them access to the housing market at a time when many lenders have made it much more difficult for home buyers to secure a competitive mortgage deal”, said Iain Cornish, chief executive of Yorkshire.

“This approach has led to a tripling of new mortgage lending, whilst keeping our lending activity within our clearly defined risk appetite”, he added.

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