Tipton & Coseley beats gloom with competitive mortgages

Black Country building society minnow The Tipton is flying in the face of gloomy housing news as it lent out more money and took in more savings.

The Tipton & Coseley Building Society took in net savings of £6.09 million last year and advanced £50.59 million in mortgages, up by 11% on 2010 despite the stagnant housing market.

The society also built up the strength of its finances as pre-tax profits hit £2.84 million, up from £2.47 million a year ago.

Chief executive Chris Martin said today that, despite economic turmoil: "I am pleased to report that we have again performed strongly, remaining committed to our traditional values of offering a 'safe and secure' home for savers' money and helping local people buy and stay in their homes.

As well as new savings accounts, said Mr Martin:?"Offering competitive mortgage products to help local people buy their homes is also a key focus for us.

We experienced a significant increase in lending directly through our local branches during 2011 and we will continue to support the local housing market through our recently re-launched 'Family Assist'mortgage range to help first-time buyers get onto the ladder."

Founded in 1901 the society has branches in Coseley, Bilston and Sedgley as well as its Owen Street headquarters in Tipton. It recently boosted its 67-strong workforce by 10%.