The Hinckley & Rugby sees large rise in advances

The Hinckley & Rugby sees large rise in advances

Hinkley & Rugby Building Society

Mortgage advances rose more than 68% at Hinckley & Rugby Building Society in the first half of its financial year, to the end of May 2012.

Advances were £46.2 million in the six months from December to May, up 68.6% on the £27.4 million advanced in the same period a year before.

The half-year results put the mutual on track for a full-year mortgage advance total of £92.4 million, up on the previous year’s £76.8 million.

The first half saw 2.2% growth in Hinckley & Rugby’s mortgage book, to £433 million. It expects the trend continue, with the full year to the end of November 2012 forecast to see 4.0% growth, to £440 million.

Chief executive Chris White said the half-year saw a retreat from the mortgage market by some of the big banks, which led to “unprecedented demand and a shock to the system” in March and April as more customers turned to building societies.

White said the Society is attracting funds from sources away from the retail money market, including from local authorities: “And Hinckley & Rugby has no exposure to the Euro zone, so our savers can be reassured their money is safe with us.”