Following a successful first half of the financial year, Earl Shilton Building Society is on target to lend over £20 million by March 2014, an increase of £5 million on the same period the year before.
In the business year 2012/2013 £15.35m was advanced to borrowers to buy, refinance or improve their properties. However, within an eighth month period from April 2013, the Society has already lent the same sum as the whole of last year and is on target to increase its lending by the end of the financial year to over £20m.
The Society’s full year lending has risen dramatically over the past few years thanks to the increase in demand for lending, competitively priced products and its commitment to excellent customer service. In the year 2011/2012 £12.53m was borrowed, whilst in 2012/2013 that figure grew to £15.35m. Thanks to a surge in demand during the current year, 2013/2014 is set to be a bumper year and such borrowing has also led to the creation of new job roles.
Expanding its team within its Earl Shilton branch, the Society has appointed a new mortgage advisor and a compliance assistant in recent months. It has also recognised the need for development opportunities in the local community by hiring a young apprentice from Burbage. Earlier in the year the Society also went through a refurbishment at its Earl Shilton branch, reinforcing its commitment and presence to the village high street.
Paul Tilley, chief executive of Earl Shilton Building Society, comments, “We have seen a rapid increase in lending over the past 18 months and this is down to the confidence in not only the housing market, but also in building societies such as ourselves.
“Many people have fled unwelcoming banks and within our competitive mortgage products we have offered flexibility and adaptability to individual circumstances. Our personal service and understanding has made us a strong choice for those seeking to borrow, and we are seeing demand spanning the whole spectrum from first-time buyers to those looking to remortgage or even downsize. However, we remain vigilant in taking a prudent view when lending.
“As a whole the Society is in a very healthy financial position and we feel confident that our lending for next year will meet its target of £25m and expect it to rise even further into 2015.”
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