Nottingham Building Society has reported a gross new mortgage lending total of £1.2bn in 2024, a 37% rise on the year before.
In its full-year results, Nottingham Building Society said its total mortgage assets grew by £600m to a record £4.2bn, and it welcomed 9,166 new mortgage customers, up from 6,957 in 2023.
Sue Hayes, chief executive of Nottingham Building Society, said 2024 was a “highly successful year” for the mutual, and its largest in asset terms.
She said its mortgage balances had risen by 18.6% year-on-year, at a time when overall lending in the UK mortgage market fell.
Its mortgage assets have grown by 40% since the mutual began its transformation journey in 2022.
Hayes said the mutual’s “strategy of supporting those who find it more difficult to get a mortgage in the first place has started to be evidenced and we are establishing our society as a specialist residential lender.
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“In 2024, we launched a new proposition aimed at foreign nationals living in the UK, supporting those entering the country to support our valued service sector to own their own home,” she added.
Higher profit
Nottingham Building Society delivered a profit before tax of £13.9m, up from £8.3m the year before.
Hayes said this would enable the lender to invest for its members and progress with delivering its strategy.
She added: “We invested in our technology, our brand and in developing our propositions to ensure our society is well-placed for the future.”
Its net interest margin fell from 1.94% to 1.72% annually, while its net interest income rose from £80.3m to £83.6m.
Hayes said: “I am proud of the results we are sharing today and would like to thank our members for their continued trust and support to the society. In 2025, the sector celebrates 250 years of building societies and we are more committed than ever to the mutual values that we know are fundamentally important and highly valued by our members.”
