Skipton Group, which includes Skipton Building Society, Connells Group and other businesses, has published its trading results for 2023.
The group saw 40% increase in number of first-time buyers throughout the year, helping more than 19,000 achieve their goals of homeownership.
Skipton launched its Income Booster for first-time buyers and received £327.5m in applications.
Additionally, the group recorded over £62m in applications from first-time buyers via its 100%, deposit free mortgage.
It saw a growth in UK market share in both savings (10%) and mortgages (12%) together with maintaining healthy share in estate agency.
Profit before tax was £333.4m, marking an annual increase of over £30m.
Charlotte Harrison (pictured), CEO of home financing at Skipton, said: “The strong results announced today are a true reflection of the hard work, dedication, and the lengths we have gone to at Skipton to help bring real change to the housing market and the mortgage sector as a whole.
“In February 2023, I stepped up to become the CEO of the Home Financing business and just one year later, I’m extremely proud of what we have already delivered as a business to help support homeowners and first-time buyers.
“From bold product innovation, delivering the UK’s only, deposit-free mortgage – Skipton’s Track Record – providing a much-needed lifeline to tenants stuck renting, enabling them to achieve their home ownership aspirations.
“Through, to not passing on the majority of base rate increases to our MVR and SVR customers, ensuring we maintain as a lender one of the lowest MVR/SVR’s on the market.”
She added: “We’ve also taken a look at ourselves to cut through the mortgage jargon and rename our products to help more first-time buyers better understand the options that are available to them on the market.
“However, there is more we can still do as there are too many people in the UK who desperately feel that they will never have a home of their own – we want to change this.
“Which is why, in the Home Financing business we are committed to continuing to keep pushing for change in the housing sector – we’ll continue to hold ourselves accountable and be braver and bolder in our approach to deliver more innovation and take action where it is needed to support more homeowners and help even more people to take their first steps onto property ladder.”
