The mutual said its mortgage asset balance also climbed 12% to a record £24.4bn in 2024 compared to a year ago, while its share of the home loan market rose to 2.3% from 1.9% in the same period. 

First-time buyers represented 47% of all new mortgages the mutual underwrote last year, the firm said in its annual report. 

The average loan-to-value ratio of new lending was 66.8% against 54.2% for all the society’s mortgages.  

Its level of home loan arrears decreased marginally to 0.58% from 0.61% ago year ago, which it says “demonstrates the robustness of affordability testing and lending criteria”. 

Last year the mutual launched a range of products aimed at FTBs, including an income plus range, which allows these buyers to borrow an average of £66,000 more on a 95% LTV compared to a standard mortgage. 

Leeds Building Society chief executive Richard Fearon said: “We know that FTBs today face many barriers to entering home ownership, and we continue to find new ways to support them, including our income plus and reach mortgage ranges, the former of which has been our most successful product launch ever.”