Coventry Building Society’s full year results show record mortgage growth with new lending up 13% to £9bn and overall mortgage assets up £3.5bn to £32.9 bn.
The Coventry’s Chief Executive Mark Parsons said: “Our mortgage assets have grown more than four times faster than the rest of the market. Just as importantly we’ve grown in the right way, focusing on the needs of intermediaries and their clients.
“We have underlined our commitment to the intermediary sector by announcing that we will pay a fee of 0.30% for Buy to Let product transfers from 1 April 2017, with plans to roll this out to Residential transfers.“
Newcastle Building Society reported a 46% rise in gross residential lending, from £340m to £496m, and an increase in net lending from £10m to £195m.
Newcastle helped more than 700 first time buyers in 2016 and reported record low arrears figures across its mortgage book.
Hinckley & Rugby Building Society saw a 34% increase in mortgage advances to £172m. Ita total mortgage book grew by 14% to £540m, almost triple the 5% increase seen a year previously.
The Society’s buy-to-let advances remained level at £29m and represent an unchanged 18% of the overall mortgage book.
Hinckley & Rugby's Chief executive Chris White said: “We aim to have a successful business which has a sustainable level of profitability and a growing member base, because we are seen as a relevant and natural choice locally and a preferred choice for selected mortgage intermediaries.
“Over the next three years the Society plans to use the strength of its capital base to maintain the rate of growth in its residential mortgage book in order to improve its cost income ratio and its profitability.”
