"2016 has been a fantastic year for Aldermore with growth across all our business divisions"
Broken down, the Bank saw a 7% rise in residential lending to £1.5bn, SME lending rose by 12% to £930m and buy-to-let lending saw a 38% rise to £3.3bn.
In its full year results released today, Aldermore reported 34% growth in underlying profit before tax to a record high of £133m.
Charles Haresnape, Group Managing Director, Mortgages, commented: “2016 has been a fantastic year for Aldermore with growth across all our business divisions. We’ve continued supporting homeowners, landlords, SMEs and house builders. As a result our total mortgage lending grew by 24% year-on-year to £5.7bn.
Our buy-to-let offering continues to prove popular with both individual and corporate landlords, increasing lending by more than a third (38%) year on year to £3.3bn. We have also enhanced our propositions for first time buyers and self-employed customers and our committed approach to truly understanding the detailed needs of our customers enabled us to provide over £2bn in new mortgage lending in 2016.
We are dedicated to go beyond the one-size fits all approach, employing specialist underwriters to understand each individual, offering a service that works best. Operating in carefully selected segments where we have the necessary experience and expertise to deliver strong and sustainable risk-adjusted returns through responsible lending.
We remain committed to helping businesses and individuals to seek and seize opportunities, further enhancing our service and digital capabilities.”