The Cambridge continued to be a thriving independent mutual in 2024, with customer satisfaction at a five-year high, growth in savings balances and award-winning mortgage services all underpinned by its purpose to help people have a home.
Key highlights from 2024:
• Profit before tax of £11.4m, capital reserves up to £134m, and liquidity assets at £387m.
• £305m in new mortgage lending, with 75% of borrowers choosing to renew with us.
• Net savings inflows of £98m, with over 85% of maturing fixed-term accounts reinvested with us.
• Customer satisfaction at a five-year peak, with 95% of customers reporting that The Cambridge met or exceeded their expectations.
• Award wins for our mortgage services and for our commitment to our people.
• Continued support for community organisations to help make a difference in our community.
Peter Burrows, Chief Executive, said:
“It was another strong year for The Cambridge – not just in our financial performance, but across the board as we continue to thrive and deliver award-winning products and services.
“In 2024, we remained focused on delivering outstanding customer service while maintaining financial strength and stability. I'm proud to share that our customer satisfaction reached a five-year high, a reflection of our team's unwavering dedication.
“We continued investing in our people, helping us retain our status as an employer of choice. Financially, we reached a major milestone, with our assets surpassing £2 billion for the first time in our history, all while maintaining sustainable profitability and exceeding capital and liquidity requirements.
“Our commitment to the community remains at the heart of everything we do. We expanded our unique Rent to Home scheme and provided a further £120,000 in grants to good causes. As we celebrate our 175th anniversary this year, we’ve pledged to strengthen our roots even further to ensure we make a long-lasting impact in the communities we serve.”
Award-winning excellence
The mutual’s dedication to its members was recognised with multiple industry accolades in 2024. The Cambridge was named ‘Best Building Society for Mortgages’ at the Credit Strategy Awards and ‘Best First Time Buyer Mortgage Provider’ at the Moneynet Awards.
It also took home ‘Employer of the Year’ at the Cambridge Independent’s inaugural Business Awards, underlining its commitment to staff wellbeing and organisational culture, with Peter Burrows, the society’s Chief Executive, named Businessperson of the Year.
Member feedback and community impact
The Society's member-first approach was reflected in consistently positive customer feedback with, its service index, a weighted average basket of customer satisfaction measures, ending the year at a five year high. This trust is built on the society’s focus on long-term value, transparent communication and member support.
Community impact remains central to The Cambridge’s mission. In 2024, it invested over £117,000 in local charities, partnerships, and sponsorships through its Community Fund. A further £660,000 was invested in new properties to grow its Rent to Home initiative, helping more renters take their first step onto the housing ladder.
Looking ahead, the Society is celebrating its 175th anniversary this year by pledging to donate £175,000 to good causes, reinforcing its long-standing role in supporting people to buy their own homes, and continuing its sustainable retrofit project of a semi-detached house in Ferndale Rise in Cambridge.
Further exciting news about how we are celebrating this milestone will be announced soon.
Visit www.cambridgebs.co.uk for more information.
