This is according to its annual financial results which also revealed that mortgage balances grew by 6.2% (2023: 3.6%) to £49.7bn (2023: £46.8bn) and provided 41,000 new mortgages (2023: 44,000).

Commenting on the results Yorkshire BS chief executive Susan Allen said: ““After our research found that raising a deposit is a major barrier to owning a home , we launched our £5k Deposit Mortgage in March 2024. The customer stories I have heard relating to this product are truly heartwarming and clearly show the difference we can make.

She added: “We have been bolder and more meaningful with our support in 2024, providing innovative products that serve genuine customer needs.”