KENT Reliance has broken out of its heartland to become the fastest-growing building society in the country.

The great escape has prompted a surge of new home loans and savings from customers across the nation, propelling the Chatham-based society to the top of a league table just published by the KPMG accounting firm.

Asset growth stormed ahead by 52 per cent in the 12 months ending September 30, 2002, pushing assets through the £600 million barrier and outperforming larger rivals.

Only Portman, the UK’s fourth largest mutual, reached the top five, with 26 per cent asset growth.

The remarkable achievement of a mutual that used to be written off as a “sleepy minnow” follows a dynamic strategy to create best-buy products and offer them nationwide.

Under chief executive Mike Lazenby, the society has also cut costs and invested heavily in new computer technology.

He has also changed his management team and relocated the headquarters from three offices in Manor Road, Chatham, to a single base at Sun Pier.

The long-established society -- named Regional Lender of the Year for the past two years -- says it has kept its Kentish roots whilst expanding beyond county borders and even into the island of Jersey.

Rob Procter, head of lending, said record growth had been achieved without sacrificing customer service or offering unsustainable rates.

“We’ve maintained low arrears, offered competitive products, maintained all our capital ratios and we’ve won awards for good service,” he said.

“What we’ve tried to do since Mike came is become a national society expanding our lending and investments throughout England and Wales but we’ve tried not to lose the strengths of the last 150 years of being a regional society. We’ve tried not to grow away from our roots.”

Other societies in the top five were Swansea, Manchester and Cheshire. Placed in the bottom five were Chesham, Newcastle, Vernon, Loughborough and Earl Shilton.

Meanwhile, Kent Reliance is on target to push assets through the £800m barrier by the end of the current year.