‘Mighty’ Monmouthshire’s Net Lending Outperforms Competitors

5 March 2013


Data derived from the Government’s Funding for Lending Scheme has shown that the Society’s net lending in the final quarter of 2012 exceeded that of much larger competitors.

As mentioned in today’s Times newspaper*, Business Editor Ian King states that “…net lending in the final quarter of 2012 by the mighty Monmouthshire Building Society exceeded that of Lloyds and RBS - both of which are still shrinking their balance sheets – combined.”

Monmouthshire Building Society has been lending consistently throughout the economic downturn of recent years, with the exceptional quality of their products being the key to the ongoing strength of its performance.

Although the Society remains predominantly funded by retail savings deposits, using the Funding for Lending Scheme offers an additional funding resource which has enabled the Society to pass on the financial benefits to its customers in the form of highly competitive mortgage products. Mutuals position their customers at the heart of what they do, and the Funding for Lending Scheme allows them to further enhance their customer proposition in this regard.

As a lender, the Society has developed a well-regarded reputation for the support it offers to local first time buyers attempting to make those all-important first steps onto the property ladder. The Society has offered 95% mortgages since early 2011, which have significantly increased its customer’s ability to afford their first home. Additionally, the Society also currently offers a highly competitive range of fees free remortgage products which are available to new borrowers looking to switch their mortgage from another lender.

The Society also offers a First Home Bonus Saver account, specifically designed for customers looking to purchase their first home in the next few years. The account offers a highly competitive yet flexible savings method by which to save up for a deposit, plus a variable interest rate and fixed bonus which currently earns 5.00% AER/Gross.

The Society also provides lending for the Buy-to-Let market, with a range of highly competitive products currently available, as well as some commercial lending provided it meets the stringent underwriting criteria required.

Commenting on the Society’s performance, Chief Executive, Andrew Lewis said “The Society’s lending performance continues to go from strength to strength, as a result of highly competitive products and prudent management. As a Building Society we always place our customers at the heart of our business, and the Funding for Lending Scheme is not only helping us to enhance the support we can provide them, but is demonstrating that in doing so, we are significantly outperforming some of our largest lending competitors”.

* Published 5th March 2013.

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