Mortgage lending at Newcastle Building Society has surpassed £1bn, new results for the organisation show.
The North Tyneside-based mutual said it had weathered many market challenges in 2022 and its focus on lending to first time buyers with typically smaller deposits had helped it increase net core residential lending to £586m, up from £330m the year before. Chief executive Andrew Haigh described a "robust" set of results in which the society had demonstrated its resilience.
Newcastle Building Society's "community branch model" - a strategy to bring financial services back to high streets that are underserved - was said to have been proven further during the year. The branches are typically shared with other community services such as libraries and the society now operates several locations in Knaresborough and Hawes in North Yorkshire, Yarm in Stockton-on-Tees and Wooler in Northumberland. There are also plans for a similar Tynemouth branch, due to open next year.
