The challenger bank revealed in its half-year report that despite origination for residential mortgages being robust, there was a 14% drop compared with the same period last year.

Aldermore, however, stated that residential mortgage lending was up 9% during the past year to £1.5bn. 

The lender revealed that it had been focusing on driving its buy-to-let loan origination during the first half of 2016 and as a result Aldermore increased its market share to 2.3% with origination up an impressive 74% to £520m. 

Elsewhere, Aldermore reported that SME commercial mortgages origination was up by 29% with lending growing by 12%. 

The bank also said it had seen a strong growth in its relationship with broker partners with origination growing by 21% compared with last year. 

Underlying profit at Aldermore increased by 45% to £63m leaving Phillip Monks, CEO of Aldermore, very pleased with the strong and balanced growth the challenger bank had achieved.

"We remain optimistic about our future. 

“We are a diversified business and continue to focus on supporting our customers who are under- or poorly served by the wider banking market. 

“Building on our strong track record of delivery across our prudently constructed portfolio and with our experienced management team, modern systems and efficient operating platform, we remain confident that we will successfully navigate the challenges ahead as well as take advantage of the opportunities that change may bring."