Mortgage lending up 8% at Coventry BS

Mortgage lending up 8% at Coventry BS

Coventry Building Society has revealed a 7% rise in its profits before tax, taking the total to £216m, and an 8% rise in new mortgage lending to £8bn in 2015.

Its full year results show that the Society's mortgage assets increased by £2.5 billion (9%) to £29.4 billion, five times the rate of market growth.

At 31 December 2015, only 0.24% of mortgage balances were 2.5% or more in arrears.

Net interest income stood at £363.9m - £22.6m higher than the previous year, primarily as a result of growth in mortgage assets, according to Coventry.

Savings balances grew by £2.0bn (8%) to £25.4bn.


Mark Parsons, Coventry Building Society Chief Executive, said: “It continues to be a tough time for savers and in a low interest rate environment it is important that we provide competitive savings products not just today, but reliably and sustainably into the future.

We are achieving this. At the end of 2015 our average savings rate was 1.97% compared to a market average of 1.11%. Furthermore, at the end of 2015 our average variable rate on cash ISAs was nearly two and a half times the market average.

Our ability to do this, whilst maintaining a very competitive mortgage portfolio, is underpinned by the high quality of our mortgage lending, which results in extremely low impairment charges, as well as low cost operations. We continue to lead the sector in cost-efficiency, with our management expense ratio of 0.42% remaining significantly lower than that of our peers.

We also strive to keep things simple, transparent and easy to use. To help achieve this we have commenced a four year technology programme that will deliver improved processes and systems, and provide our members with enhanced service options."

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AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

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AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

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CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

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Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

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property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

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property guru
property guru 11 Jul 2016

Surprise suprise

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CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

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Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

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DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

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DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

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DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

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ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

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