The Society Report Strong Performance in 2021

The Society Report Strong Performance in 2021

Despite the continued challenges of the pandemic, the Society has reported strong results for its 2021 financial year.

The Society achieved mortgage book growth of 13.1%, with gross mortgage lending reaching £115 million, up from £77 million in 2020. Total savings balances also increased by £39 million, profit before tax was £3 million, and total assets increased by 17.7% to a record £491 million.

Throughout 2021, our staff at the Society worked tirelessly in response to record levels of mortgage activity, with demand driven by an active housing market and the Society’s approach to individually assessing every mortgage application on its merits, as opposed to the big lenders’ computer says ‘no’ approach.

Tipton staff were also busy welcoming over 1,100 new savings members to the Society, some of whom took advantage of the Society’s mobile app which allows customers to open, view and manage savings accounts on the go.

Richard Newton, chief executive, said: “my heartfelt thanks go to my staff colleagues for their commitment to the Society; they play a vital role in our success and continuously strive to provide great service to members, which is even more notable given the challenges of the pandemic.
As we look to 2022, we remain committed to helping members own a home at all stages of life, and to help them save for the future.”

For further information about our range of mortgage and savings products, please visit www.thetipton.co.uk. Alternatively, call us on 0121 557 2551 open Monday to Friday 9am to 5pm and between 9am and 12pm on Saturdays.