Aldermore reports residential mortgage growth

Aldermore group posted their 3rd quarter results yesterday.

Aldermore Group has seen residential mortgages increase by 22 per cent to £3.1bn, compared with £2.6bn at the end of last year, putting it on track to deliver targeted 2015 net loan growth of circa £1.4bn.

On track to deliver targeted 2015 net loan growth of c£1.4bn

Organic loan origination of £1.9bn year-to-date; up 12% on prior year (Q3 2014 YTD: £1.7bn)

Net loans to customers up by 20% to £5.8bn (31 December 2014: £4.8bn)

Lending to SMEs up by 19% to £2.7bn (31 December 2014: £2.2bn)

Residential Mortgages up by 22% to £3.1bn (31 December 2014: £2.6bn)

Phillip Monks, CEO, commented: “It has been another excellent quarter for Aldermore as net lending continues to increase in line with our expectations. We’ve delivered net loan growth of around £1bn for the first nine months of the year with net loans totalling £5.8bn at the end of September. Growth across the board is strong, with loans to SMEs up by 19% to £2.7bn and lending to homeowners up by 22% to £3.1bn.

 “We refreshed our buy-to-let customer offering in July and I’m very pleased that, across both SME Commercial and Residential Mortgages, buy-to-let origination during the third quarter was around 19% higher than for the same period last year. As expected, we have not seen any impact from the recently announced changes to tax relief for some individual buy-to-let landlords.

 “Our award-winning online deposit franchise funds our support of UK SMEs and homeowners with year-to-date growth of 20% to £5.4bn in deposits matching the rate of lending growth. We continue to diversify our deposit base and have driven 28% growth in SME deposits this year.

 “Macro-economic conditions and the credit environment remain relatively benign in the UK, with base rates unchanged and continued growth in our target markets. We are on track to deliver net loan growth of around £1.4bn in 2015 while maintaining our margins, robust capital position and prudent risk appetite. We remain excited about the opportunity we face and confident of our ability to build on our proven track record of delivery for both customers and shareholders during the rest of this year and beyond.”

Full details of third quater report visit website: http://www.investors.aldermore.co.uk/?_ga=1.47908903.1601930538.1447323076

 

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Who are Rentd
Letting Agent Talk

Renters (Reform) Bill Dropped – Thoughts from the Industry

The Renters (Reform) Bill has been dropped as a result of the general election being called. Here are some thoughts from within the property industry. Ben Beadle, Chief Executive of the National Residential Landlords Association: “It is hugely disappointing that this Bill will not now make it into law. The news comes despite the fact that…
Read More
Estate Agent Talk

July 4 General Election – Thoughts from the Industry

Prime Minister, Rishi Sunak has called a general election for July 4, 2024, citing now being the time for the people of Britain to choose the next government. Here are some thoughts from within the property industry. Tim Bannister, Rightmove’s property expert: “A look back at recent elections shows that house prices and activity usually…
Read More
Rightmove logo
Breaking News

Rightmove’s weekly mortgage tracker

Matt Smith, Rightmove’s mortgage expert said: “Today’s inflation drop feels like an important milestone on the road to the first Base Rate cut. There’s been some to-ing and fro-ing over whether we’ll see a summer Base Rate cut, but today’s news will likely reinforce some of the positive words coming from the Bank of England…
Read More
Estate Agent Talk

Rayner right to be ambitious on housebuilding

At UKREiiF, Angela Rayner, Shadow Housing Secretary made several commitments to help solve the UK’s housing crisis including new towns, greater numbers of affordable housing, a return of housing targets and a clear design code criteria. Richard Beresford, Chief Executive of the National Federation of Builders (NFB), said: “Although election season is the time for…
Read More
Breaking News

Comment on Land Registry’s House Price Index showing an annual rise of 1.8%

Commenting on Land Registry’s UK House Price Index showing an annual rise of 1.8%, Daniel Austin, CEO and co-founder at ASK Partners, said: “The property sector is recovering. Rent values have seen sustained growth, positioning real estate as reasonably valued in comparison to gilts and presenting growth potential. In the realm of commercial real estate,…
Read More
Breaking News

Breaking Property News – 22/05/24

Daily bite-sized proptech and property news in partnership with Proptech-X.   Sunak calls General election for 4th July 2024 – American Independece Day Many pundits feel that post the General election Rishi Sunak will fly off to Silicon Valley, so maybe holding the General election on American Independence Day is no coincidence! The real carnage…
Read More