Mortgage lending up for The Tipton
Mortgage lending grew strongly for the Tipton & Coseley Buildig Society in 2021, despite the continued challenges of the pandemic.
The 120-year-old society, which has is head office in Owen Street, Tipton, also added more than 1,100 new savings members in the year.
The Tipton achieved mortgage book growth of 13.1 per cent and gross mortgage lending reaching £115 million, up from £77m in 2020.
Total savings balances also increased by £39m to £380m, profit before tax was up from £1.07m to £3.02m and total assets increased by 17.7 per cent to a record £491m,
Throughout 2021, the 94-strong staff at the society worked 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.
Some of the new members 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.”
The society operates from four branches in Tipton, Coseley, Bilston and Sedgley.
