The Cambridge posts strong 2018 results and a record year of lending
14 March 2019 • Corporate
The Cambridge Building Society today announces a record year of lending in 2018, providing £349m of new mortgage lending leading to mortgage book growth of 15%. This lending helped over 2,500 people to have a home – 15% of whom were First Time Buyers.
Alongside positive levels of lending The Cambridge delivered £3.8m in pre-tax profit and, as a result of support from both their existing and new members, The Cambridge saw its overall asset base grow to £1.5bn.
The Cambridge accredits much of its success to the quality of its service and the numerous enhancements they have made to their lending criteria and product range. In 2018 support for landlords was strengthened by changing the stress rate used for their 5 year Buy to Let mortgage and extending the lending area to England and Wales. In addition to this, they offered further support to customers wanting to move up the property ladder, allowing them to borrow up to five times their income. The Cambridge also remained committed to helping first time homeowners with the launch of a range of competitive shared ownership mortgages with low fees, as well as entering the Help to Buy market.
Peter Burrows, Finance Director commented on the results, “Our continued financial strength is essential in maintaining the sustainability of The Cambridge, but increasingly it is also key that we evolve and develop the Society to meet the changing needs of our existing and future members along with our intermediary partners.
“Continued enhancements of our lending proposition and development of the intermediary team demonstrates our commitment to ensuring we can deliver the very best in service for our intermediary partners and customers over the long term, having already invested in a new telephone and communications platform in 2019.”
Stephen Mitcham, Chief Executive of The Cambridge Building Society comments, “I’m delighted with how the Society has delivered in 2018. We aim to continue this managed growth into 2019 whilst continuing to listen to what our members are telling us. Hand in hand with our members and intermediary partners, we will continue to build a Cambridge Building Society that is best placed to support the community have homes, give people a trusted place to save and build a business that thrives into the future and for the long term.”