Inspiring Business by Sharing Success
Added by Love Business East Midlands | 27 March 2019
UPDATED: 27 March 2019
At the end of its first quarter (from December 1 2018 to February 28 2019) the mortgages balance was up to £690m and should exceed £700m during May. Total assets now stand at more than £800m
The trading update came as the Society marked its 153nd AGM, held at its Hinckley head office today [March 27]. The meeting of members was briefed on the 2018 results, which included mortgage advances of £183m.
Chief executive Colin Fyfe, who joined the Society in November 2018, said:
“We’ve made a really strong start to the year. We targeted mortgage book growth of five per cent for the year and we’re ahead of the pace we need to reach that.
“But the housing market is quite flat, and the number of people making the decision to sell or buy is low. A big Brexit question mark is looming over people. We foresee our rate of growth easing to take us to our target by the year end.
“The part of the mortgage market that’s more buoyant is re-mortgaging by people approaching the end of fixed terms and other initial periods who are looking for their next deal. Thanks to our excellent retention rate, re-mortgaging is a strength of Hinckley & Rugby.”
At the AGM Colin outlined progress on the Society’s new head office in the former Hinckley Magistrates Courts building.
The AGM saw the election or re-election of: