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The Melton Building Society Reports a Year of Growth

The Melton Group has achieved strong growth reporting a pre-tax profit of £1.0 million for the year ended 31 December 2013, up from £0.4 million in 2012. As a result, the Society raised interest rates paid on its Instant Access ISA and 0216 Young Persons savings accounts in October 2013.

The Melton advanced £50 million of new mortgages during the year, with loans and advances totalling £296 million, an increase of 2.5% on 2012. Mortgage arrears reduced by 17% to £0.34 million. The Melton’s capital and reserves increased by £0.9m to £32.0m in the year and it remains one of the UK’s most strongly capitalised building societies.

“Lending growth has been pleasing considering the highly competitive mortgage market and reflects our commitment to providing mortgages for local customers and first time buyers” said Martin Reason, Chief Executive, The Melton. “Our strategy for 2014 is to build upon our success and continue to return value to members focussing our promotional efforts on raising the Society’s profile in the local community.”

The Melton has branches in Grantham, Oakham and Melton Mowbray and is a mutual building society providing financial products including mortgages, savings and insurance and investment solutions.