Ipswich Building Society’s AGM hears of successful year for mortgage lending
PUBLISHED: 12:25 29 March 2018 | UPDATED: 12:25 29 March 2018
A record turnout of members at Ipswich Building Society’s annual general meeting heard about another successful year of growth for the lender.
A total of 633 members of the society attended the meeting, which was held at Trinity Park, Ipswich, up from 500 last year when the Ipswich achieved the highest member attendance across the whole building society sector, relative to the size of its membership.
Speaking at the end of his first full year at the helm, chief executive Richard Norrington said the society had continued to strengthen its mortgage proposition through the use of individual underwriting, basing decisions on personal circumstances rather than rigid formulas.
“Over the past year, we were really pleased to be able to extend what is known as our Mortgage Misfits offering to zero hour contract workers who experienced difficulty when attempting to access the mainstream mortgage market,” he said.
“In addition to this, we maintained a strong and consistent level of performance, having had growth in mortgage assets and customer satisfaction which led us towards the launch of two new branches at the beginning of this year.”
Chairman Alan Harris added: “Despite a backdrop of changes and uncertainty throughout the UK economy in 2017, Ipswich Building Society achieved some very pleasing results. Mortgage assets increased by £44m to £521m and savings balances which support this mortgage growth also grew by £26m to £567m.”
The society, which published its results for the year to November 30, 2017, last month, has been working to encourage more members to attend its AGM for several years, which has included hosting a series of high-profile guest speakers.
This year’s guest was Adam Henson from the BBC’s Countryfile programme, one of the UK’s best known farmers whose Cotswold Farm Park pioneers rare breed conservation.
Adam spoke about his efforts to spread the story of food and farming, encouraging people to buy British and understand where their food comes from. He also entertained members with stories of how his animals have been used in film and television, including a appearance of a pair of oxen, along with Adam himself, in the 1995 film Braveheart.