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Newcastle Building Society doubles self-employed mortgage volumes

Tom Belger | 12:30 Tuesday 31st July 2018

Newcastle Building Society has seen self-employed mortgage volumes double during the six months to 30th June 2018.

The building society has released its half-year results for 2018, which also revealed that it had supported over 500 first-time buyers.

Gross lending by Newcastle Building Society stood at £229m for the first half of 2018, down from the £303m reported during the same period last year, but in line with the society’s plan.

The building society revealed that profit before tax was £6.9m, down from £7.2m in 2017, but this was attributed to the £2.1m spent on the purchase of its new offices. 

“In the first six months of this year, we have supported over 500 first-time buyers in their quest to own their own home,” said Andrew Haigh, chief executive at Newcastle Building Society (pictured above). 

“Our gross lending exceeded £220m, with prime net lending increasing by over £50m. 

“We’ve seen our self-employed mortgage volumes double and we have also introduced Help to Buy and buy-to-let mortgages for this growing market reflecting the continuing change in employment trends.”

Andrew added that he was pleased with the building society’s improved progress and performance in the first half of the year.

“We will continue to invest in the business and focus on our purpose and why we are here as a building society. 

“While our society, colleagues and communities look set to face continued economic uncertainty from Brexit and wider global issues, we will continue to do what we do best: helping people save and plan their finances and own their own home, being a great place to work and supporting our communities in making positive changes.”

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