Yorkshire Building Society has reported 31,384 completed mortgages in the first half of 2020, 3,002 of which were advanced to first-time buyers. 

The society’s mortgage balances remained flat at £38bn, compared with 31 December 2019.

Yorkshire Building Society has provided 37,307 mortgage payment deferrals so far in 2020.

YBS restrictions

Yorkshire Building Society reports stable mortgage lending in H1

Mike Regnier, chief executive of Yorkshire Building Society, said: “From the very beginning, our response to COVID-19 has been to focus on the key priorities of keeping members in their homes, making sure their savings are secure and accessible, and looking after our colleagues’ safety and wellbeing.

“Our mutuality is important in these challenging times, as it enables us to take an approach which puts our customers, colleagues and communities first.

“For borrowers worrying about meeting their mortgage payments, we are supporting them with a variety of solutions, including mortgage payment holidays.

“We are also helping savers who need emergency access to their money by enabling them to make withdrawals from fixed rate accounts without any penalty.

“We have kept branches open in as many communities as possible and helped more customers to access our online services so they could manage their money whilst staying at home.

“In terms of financial results, I’m pleased to report that our 2020 half-year performance illustrates that our prudent strategy over the longer term has enabled us to weather the challenging economic environment and impacts of COVID-19.

“Our balance sheet has stayed strong, our statutory and core profits remain healthy and we retain strong levels of capital and liquidity.

“To support our communities, Yorkshire Building Society launched a bond which raised more than £75,000 for End Youth Homelessness, bringing our total fundraising over the three-year partnership to more than £1.1m.

“To promote financial wellbeing during these difficult times, we made our Money Minds lessons accessible online to help families with financial education.

“Our aim as we come out of the COVID-19 crisis is to carry on helping members, customers, communities and colleagues for many years to come.”