New Chief Executive Steve Fletcher is predicting a strong year ahead.

Fletcher, who took over as CEO from the long-serving Mike Hanson in February, has told members that our traditional, but innovative approach and ‘strong financial position’ will see the ‘business grow’.

Fletcher made the comments in our 2017 Annual Review when a pre-tax profit of £769,000 was announced.
 
“Whilst internal change and the competitive mortgage market meant that gross lending reduced in 2017 and our balance sheet contracted slightly, because of the investments made in the broker channel and in new products, we start 2018 with a healthy mortgage pipeline,” he said.
 
“I’m confident that the business will grow over the coming years, underpinned by our strong financial position and below industry average arrears.”
 
During 2017, we took on 15 new members of staff, including Fletcher, which means we now employ 80 people and are committed to making a strong contribution in our Stockport communities. 
 
This investment in people will underpin future growth plans that include developing a new self-build mortgage, as well as exploring opportunities in the student mortgage market.
 
Fletcher added: “The Board has developed a five-year plan to support future growth that takes advantage of our local personal service and individual underwriting approach.
 
“The programme of investment detailed within it will continue with improvements to our processes, IT infrastructure and most importantly further investment in our people.
 
“Our Retirement and Family Assist Mortgages were both developed and launched in response to changing demographics and societal requirements – namely an ageing population and helping children or other family members get onto the property ladder. There are further similar products in the pipeline.
 
“We also recognise that the way in which we live and work is a far cry from even five years ago, so we offer a bespoke approach – working with human underwriters – to ensure that common sense prevails.”
 
For more information, read our 2017 Annual Review.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

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