Newcastle Building Society recorded gross mortgage lending of £1.1bn in 2023, on par with record levels reported a year prior, despite a ‘challenging period’.
In its 2023 results published today, the lender reported net core residential lending of £575m, down from the £586m total for 2022.
The building society said its standard variable rate for mortgages for last year was 1.24% lower than the market average.
Other significant figures the society reported are operating profits before impairments and provisions of £31.4m, equal to 2022, group profit before tax of £29.1m, down from £32.6m the year before and underlying operating of £32.8m, up from £26.7m in 2022.
Newcastle Building Society chief executive officer, Andrew Haigh, says: “I’m proud that, as a society, we have remained true to our purpose of ‘connecting our communities with a better financial future’ while delivering another set of strong results in 2023.
“The volatile market conditions throughout 2023 will have impacted all our members but borrowers, and especially those remortgaging from historically low fixed rates to the higher rates that prevailed during the year, faced higher repayments, adding to the squeeze on their household finances.
“My hope is that members recognise the value that comes with being part of our mutual organisation; the additional support we’ve provided to those worried about their mortgage repayments, consistently offering savings rates above the market average and making a positive difference in our communities across key areas of focus, including our commitment to branches, increasing access to face-to-face financial services and fostering employability within the region.”
