In the lender’s annual report for the year ending 31 December 2021, it revealed that the gross yield on the mortgage book improved by 30 basis points to 4.61%.

Funding costs substantially improved during the year, at 1.94% compared to 2.22% in 2020.

For the year, net loans to customers grew by 10.8% in 2021 to £1.81bn, while buy-to-let (BTL) loans made up 74% of the loan book. 

Meanwhile, it reported a statutory profit of £2.7m with core profit before tax coming in at £4.5m, up from the £5.8m loss in 2020.

Net interest income also increased to £34.5m, an increase from £23.9m the previous year. Net interest margin was up to 2.01% in 2020 from 1.44% in 2020. 

Last year, Belmont Green completed its sixth and seventh securitisations Tower Bridge Funding 2021-1 PL and Tower Bridge Funding 2021-2 PLC.

Belmont Green chief executive Anthony Mooney says: “It has been another successful year for Belmont Green. We have made significant progress as a business, focusing operational and technology investment on enhancing the intermediary experience and our operational productivity.”

“As I said last year our 2021 objective was to break even; we have achieved that with the company making a statutory profit of £2.7m and achieving a core profit before tax of £4.5m.”

“Going forward, our key business focus is to further scale our position in the mortgage market, capitalising on the growing demand for specialist mortgage loans in the UK. Another core strategic priority for Belmont Green is to further augment its well established wholesale funding franchise, and in time seek authorisation by the UK Prudential Regulatory Authority as a deposit taking bank,” Mooney adds.