Hinckley & Rugby Building Society has announced it oversaw a 3.7% rise in its mortgage book in 2019, attracting an additional £45m from savers during its financial year.

Announcing its results for the 12 months to 30 November 2019, Hinckley & Rugby revealed the rise in mortgages took its book to £696m, and that the 3.7% increase was higher than the 2019 overall UK mortgage market growth of 3.1%.

The society reported its income from mortgage payments grew to £17m, a rise of £1.1m from 2018, but that mortgage advances dropped to £163m, having been £182m the previous year. This included £51m on buy-to-let mortgages, which had been £57m in 2018.

Hinckley & Rugby also counted 22 borrowers in arrears on their mortgage payments by one month or more at the end of the financial year – up from 12 a year earlier – to represent 0.4% of all borrowers. The society noted that the UK national average is 1.39%.

Hinckley & Rugby chief executive, Colin Fyfe, said: “The UK mortgage market in 2019 was flatter than anticipated, with consumers reluctant to make significant buying decisions. Against that backdrop, Hinckley & Rugby sought to create the right balance of lending quality, acceptable margins and appropriate volumes.

“We continue to be competitive in this market by offering a more personal service, providing more flexibility and human underwriting. The society has also expanded the products it offers in several sectors to meet demand.

“Strengthening the society in areas including governance, risk, compliance, finance and underwriting has laid down solid foundations for the next stages of growth.”

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