Savers flock to the Ipswich
IPSWICH Building Society has benefited from the turmoil in the banking sector by reporting a record inflow of savings for 2008, accompanied by buoyant lending activity and stable, low arrears.
IPSWICH Building Society has benefited from the turmoil in the banking sector by reporting a record inflow of savings for 2008, accompanied by buoyant lending activity and stable, low arrears.
The society attracted �34million in savings during the year, with savings balances increasing overall by 10%.
It also continued to offer a range of mortgage products, with total lending totalling �80million across 813 mortgages, of which more than a third involved shared ownership.
The society retained more than 68% of its existing borrowers and was recently highlighted as one of only 10 lenders still offering loans up to 90% of the property value.
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Its overall balance of mortgages has now grown by 23% in the last three years, and it says it continues to have a low level of a arrears as a result of “prudent” lending.
Paul Winter, chief executive, said: “Our natural caution, coupled with deft financial control, means we not only occupy a far healthier financial position than many other institutions today, but that we are also well placed to maintain our financial strength in the future.”
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He added that, despite the challenging economic climate, the society had not given up its community values, with more than �12,000 having been provided to charity and community activity during the year.
Three new affinity accounts for local charities had been launched during the year, offering attractive rates to the saver and an additional bonus to the charity.
A new branch had been opened at Ravenswood, on the eastern outskirts of Ipswich, and the society would be looking to extend its presence in Suffolk, added Mr Winter.
“We believe the people of Suffolk value the services of Ipswich Building Society,” he said. “People trust us to look after their interests. We are confident that our attentive approach to business will ensure that we thrive in the future.”
