This was up from £77m in 2020 as house buying activity recovered after the initial lockdowns.

The Tipton’s total savings balances increase by £39m, while total assets increased by 17.7% to a record £491m.

The society also welcomed over 1,100 new saving members.

Last year brought record levels of mortgage activity for the Tipton, with demand driven by an active housing market, as well as Tipton’s individual assessment of every mortgage application.

Tipton chief executive Richard Newton says: “My heartfelt thanks go to my staff colleagues for their commitment to the Society; they play a vital role in our success and continuously strive to provide great service to members, which is even more notable given the challenges of the pandemic.

“As we look to 2022, we remain committed to helping members own a home at all stages of life, and to help them save for the future.”