Yorkshire Building Society (YBS) has advanced 3,002 mortgages to first-time buyers and completed 31,384 mortgages in the first six months of 2020.

The society revealed that its mortgage balances remained “flat” at £38.0bn, the same level it had reported at the end of 2019, as it announced its financial results for the first half of the year.

Throughout the COVID-19 pandemic, YBS said it has prioritised keeping members in their homes, ensuring their savings are safe and looking after colleagues’ health and wellbeing – enabling customers to take 37,307 mortgage payment deferrals. It also supported members in building financial resilience, opening 105,283 savings accounts in the six months to 30 June 2020.

The society also suggested the mortgage market is likely to remain “highly competitive” for the rest of the year, with lenders coming in and out of the 90% LTV tier for the foreseeable future. YBS said it remains keen to lend in this part of the market and will continue to do so where service levels allow.

YBS chief executive, Mike Regnier, said: “Our mutuality is important in these challenging times, as it enables us to take an approach which puts our customers, colleagues and communities first.

“For borrowers worrying about meeting their mortgage payments, we are supporting them with a variety of solutions, including mortgage payment holidays. We are also helping savers who need emergency access to their money by enabling them to make withdrawals from fixed rate accounts without any penalty.

“In terms of financial results, I’m pleased to report that our 2020 half-year performance illustrates that our prudent strategy over the longer term has enabled us to weather the challenging economic environment and impacts of COVID-19.

“Our aim as we come out of the COVID-19 crisis is to carry on helping members, customers, communities and colleagues for many years to come.”

Share Story: