First time buyers make up half of all new borrowers at Leeds Building Society

He added: “I’m proud of our continuing support for the affordable housing sector and the fact that nearly one in two of our new borrowers in the first six months of 2023 were first time buyers.

“After a long period at historic lows, interest rates have continued to rise with the effects felt by borrowers and savers alike, and we stand by both. “As a business created to empower greater home ownership, we’ve stayed actively lending in a fast-changing market throughout 2023 and since March have accepted earlier applications for product transfers, giving existing borrowers six months before maturity to choose their new deal.

“We’ve moderated the impact of repeated Bank of England Base Rate rises by limiting increases in our standard variable rate and have worked hard to support borrowers facing financial difficulties with help tailored to their individual circumstances.”

The mutual’s profit before tax in the first six months of 2023 was £116.2m, compared with £146.5m in the same period the year before. The building society increased its total assets to £26.9bn, which was the highest in its history.

Mr Fearon added: “Meanwhile for our savings members, we consistently pay above the average market rate, which equates to more than £90m extra in their pockets.

“In response to continuing Base Rate rises, we’ve passed on increases to all our variable rate member savings accounts in a sustainable way intended to offer fair value across our range.

“We continue to invest in member value, technology which improves service, and in our people - their dedication and commitment to the society’s purpose gives me confidence for the future, however challenging times may be. We’ve been there for our members during tumultuous external events throughout our long history and our financial strength and security means we’ll continue to support them.”