Strong results for The Tipton
Despite the challenges of the Covid-19 pandemic the Tipton & Coseley Building Society has reported a strong performance for the first half of the year.
During this period the society lent £68 million in mortgage advances, double that for the same period in 2020.
The Tipton’s ethos is to enable customers to buy their own home at all stages of life and is supported by a range of mortgage products which are available both directly from the society and via mortgage brokers.
Saving receipts for the first half of 2021 increased to £29 million compared to £2.8 million for the same period in 2020 with over 1,000 new saving members joining the society. Of these, nearly 20 per cent used the society’s new mobile app which enables new and existing customers to open, view and manage savings accounts on the go.
The Tipton’s 30 Day Notice Midlands Air Ambulance Saver account has been particularly popular with over 250 accounts opened since launch. Each account opened helps support this lifesaving service which relies on financial support from local donors and businesses for its continuing operation.
Richard Newton, the Tipton’s chief executive, said: “The society has recorded an exceptionally strong performance for the first half of 2021. This has partly been driven by an active housing market where we have seen large demand for our niche products including our Family Assist and Self Build mortgages. As we look to push on for the remainder of the year, I must record my thanks to our mortgage broker partners for their invaluable support as we continue to grow our business.
"We have also seen strong inflows of saving receipts for the first half of 2021 with the pandemic providing impetus for some customers to start saving for the first time, and with other customers saving more most likely because of lower discretionary spending. It is particularly pleasing to see strong interest in our new mobile app which has extended our reach to customers who prefer to transact online.”
