The Coventry announces record mortgage growth

The Coventry have announced 'record mortgage growth' for H1, with mortgage assets up 13% on June 2014 and record advances of £4.2 billion, up 25% on the same period in 2014.

Related topics:  Mortgages
Rozi Jones
31st July 2015
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Its record net lending of £1.8 billion is equivalent to an estimated 16% mortgage market share, according to the mutual.

Savings deposit balances also increased by 10% on June 2014, with growth in the first half of 2015 of £0.7 billion.

Overall, statutory profit before tax increased by 14.2% to £100.4 million.

The Coventry reported that its cost to mean asset ratio of 0.41% (30 June 2014: 0.41%) remains the lowest reported by a UK building society.

Impairment charges totalled just £0.7 million (30 June 2014: £3.3 million), and loans where arrears (including possessions) were greater than 2.5% of the balance were 0.40%, (30 June 2014: 0.52%) less than half of the industry average of 1.07%.

Mark Parsons, Chief Executive, said:

"I am pleased to report that, in the first six months of 2015, the Society has continued its strong, member-focused performance.

"The majority of the Society’s lending continues to be in the traditional owner-occupied residential market and in particular we have increased our share of the low risk remortgage market. Our share of the buy to let mortgage lending market has also increased, focusing on low loan to value lending, with new lending in this sector at an average loan to value of 65% being similar to our owner-occupier lending. In the last five years, we have lent £10.5 billion in this market and made a credit loss on just one of these loans.

"During the first half of 2015, despite the uncertainty of a general election and the increasing volatility in the Eurozone, the Society has maintained the consistent growth that has been its hallmark in recent years.

"As I mark my first year at the Coventry, I am confident that we are well positioned to maintain our progress and to continue meeting the needs of all existing and new members."

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