Mortgage applications were up 30 per cent in the first quarter of Hinckley & Rugby Building Society’s new year. Applications totalled £29.4 million in the three months to the end of February 2015.

Advances were also up, from £26.7 million in the same quarter a year ago to £27.2 million. And the retention rate – borrowers who stay with the Society at the end of a special rate period – reached 81 per cent.

Speaking after the Society’s 149th Annual General Meeting today, chief executive Chris White said: “We have continued to gear up our mortgage team to maintain our high levels of customer service as demand continues to grow.

“Our investment in people, and in the service we provide to brokers and to direct customers across England and Wales, continues to prove fruitful.”

A special one year 150th birthday bond was launched at the AGM in Hinckley, for existing members (i) who can save up to £5,000 at three per cent interest – giving a maximum return of £150 to mark the anniversary of the Society’s founding in 1865.

The AGM heard how the Society increased its mortgage advances eight per cent to £111.9 million in the 12 months to the end of November 2014, up from 2013’s £103.7 million.

The net interest margin improved from 0.91 per cent to 1.04 per cent – the fourth consecutive year of growth. The margin has doubled since 2010.

The Society’s total mortgage book ended the year higher, at £454 million - £8.6 million up on a year before. Buy to Let mortgages totalled £77.8 million (£66.3 million in 2013).

Retail deposits from savers increased, up from £462.4 million at the end of November 2013 to £469 million in 2014.

At the AGM the following resolutions were passed:

• To receive the Directors’ Report, Annual Accounts and Annual Business Statement and the Auditors’ Report for the year ended 30 November 2014

• To re-appoint PricewaterhouseCoopers LLP as auditors of the Society

• To approve the Directors’ Remuneration Report for the year ended 30 November 2014

• To elect Gary Wilkinson and David Woodward and re-elect Nigel Frostick and Andrew Payton as directors of the Society

• That the Memorandum of the Society be amended (ii).