£117.5 million in mortgage lending as outlook improves for borrowers.

We are delighted to report a strong year for our Society’s mortgage lending, completing £117.5 million in gross mortgage lending during 2025, up from £111.0 million in 2024, as improving market conditions begin to support greater affordability for mortgage customers.

With interest rates easing towards the end of the year and expectations of further reductions in 2026, the Society believes confidence is gradually returning to the mortgage market. Against this backdrop, demand for mortgages remained resilient throughout 2025, underpinned by our relationship-based, locally delivered approach to lending.

Performance across the Society was led by the Swansea team, which incorporates both the Swansea and Mumbles branches. Together, the two branches delivered more than £48.0 million in mortgage completions, making them the best performing team across the Society during the year.

The results reflect our long-established face-to-face relationship banking model, with decisions made locally by experienced, qualified mortgage professionals who work closely with customers and mortgage brokers. This approach continues to support a wide range of borrowers, including first-time buyers, home movers and those looking to remortgage, particularly during a period of economic uncertainty.

At branch level, Mumbles Branch Manager Tony Rees recorded the highest individual mortgage completions across the Society in 2025, totalling £20.0 million. Based at the Mumbles branch for more than three years, Tony manages mortgage relationships across Swansea West and Gower and is a well-known and trusted presence within the local community.

Meanwhile, Swansea Branch Manager David Osterland achieved the second highest completions across the Society, with £18.3 million in gross mortgage lending. Appointed to the role a year ago after relocating from the Society’s Cowbridge branch, David returned to his home city of Swansea and quickly established strong momentum, supporting customers at every stage of their home-buying journey.

We can also attribute the strong performance to recent changes within our Swansea-based relationship team, which has strengthened customer support and service capacity. As a result, both Swansea and Mumbles branches recorded their highest ever annual growth in mortgage balances, since opening in 2019 and 2010 respectively.

Commenting on the results, Alun Williams, our Chief Executive, said:

“Our results in the Swansea area in 2025 are testament to our face-to-face relationship banking business model, where customers can call into one of our branches and meet a qualified mortgage professional who can help them with their mortgage requirements.

“Looking ahead, our Society expects continued demand for mortgage services. On the back of the growth achieved in 2025, we plan to recruit additional mortgage-qualified managers and managers’ assistants during 2026, further reinforcing our commitment to accessible, in-branch expertise.”

The Bank of England base interest rate started the year at 4.75% and reduced to 3.75% in December, following a larger than forecast reduction in inflation. With unemployment reaching a near five-year high and GDP contracting, it is likely that interest rates will reduce further in 2026. That being the case, mortgage payment affordability should continue to improve for many borrowers, supporting confidence among home buyers and increasing demand for new mortgage lending across South West Wales and beyond.

As a mutual building society, we remain focused on supporting our members and communities through sustainable growth, local decision-making and a continued commitment to personal service delivered through our branch network.