CUMBRIA’S two largest home-grown building societies have enjoyed record years on the back of a booming housing market.

Furness Building Society set record lending levels for a second consecutive year, while the Cumberland Building Society also saw its best-ever year for mortgage lending.

Overall, the Furness lent £166 million in 2002, up 61 per cent on the previous year’s record, and said its strategy of offering a wide variety of competitive mortgage products and first class customer service had proved successful.

Despite intense competition in the financial services market place, the Furness also saw its total assets rise by nearly 14 per cent to £623m.

The Carlisle-based Cumberland said mortgage lending rose by 12.6 per cent to £155.87 million, while mortgage balances increased by 5.2 per cent to £765.7m.

The Cumberland Building Society reported after-tax profits of £3.9m last year.

A record total of more than £100,000 was given by the Cumberland last year to good causes, including a £9,000 contribution towards a successful bid for rural academy status by a group of secondary schools, including Appleby Grammar; Cartmel Priory; John Ruskin, Coniston; and Settlebeck High, Sedbergh.

Independent borrowing and savings rates expert Money- facts confirmed Cumberland bor-rowers benefiting from its discount rate paid less interest over 12 months than the equivalent bor-rowers with any other mortgage provider which had branches in the county.

Meanwhile, the Furness Building Society launched a mortgage product on the Internet and secured its first online mortgage deal last year.

On the savings side, the Furness’ ISA accounts continued to feature regularly in national press ‘best buys’ surveys, while a recent ISA league table confirmed the Furness was among the very best available, the society’s annual meeting heard.

Chief executive Rob Cairns, along with Avril Willis and Derek Parkin, were re-elected as society directors.