The mutual said underlying profit before tax was £20.9 million, a fall from £22.8 million in 2024.

New mortgage lending was £900 million in 2025, down from £1.2 billion in 2024.

The Nottingham said it had deliberately restricted its lending during 2025 as it rolled out a new mortgage platform.

The building society had 6,668 new mortgage customers compared to 9,166 in 2024, while total mortgage assets rose 2% to £4.3 billion.

Nottingham Building Society chief executive Sue Hayes (pictured) said: “2025 has been a year of deliberate consolidation for Nottingham Building Society, following two years of strong double-digit growth.

“We made a conscious decision to moderate lending while continuing to prioritise substantial investments in our systems, processes, and capabilities to strengthen long-term resilience and enhance our operating foundations.”

Earlier this week chancellor Rachel Reeves praised the work of building societies with helping first-time buyers, as she lent her support for the Building Societies Association’s campaign on the issue.