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Gross lending by Coventry rose 14% to hit £4bn in 2010

Coventry Building Society boosted its gross mortgage lending by 14% to £4bn in 2011.

This compares with lending of £3.5bn in 2010 and equates to a 17% market share of all mutual lending.

The society’s net lending was £1.7bn for 2011, up slightly from £1.6bn in 2010. Its underlying profit before tax was £84.6m, 12% higher than the previous year’s profit of £75.3m.

David Stewart, chief executive of Coventry, says: “We could not have achieved this without the support of the intermediary sector.”

The results also reveal that Coventry’s retail savings balances grew by 8%, from £17.6bn in 2010 to £19bn in 2011.


Let’s try for common sense on interest-only

After Santander slashed its interest-only LTV and Lloyds Banking Group made changes to interest-only repayment vehicles, I am left wondering if the pendulum has swung too far the other way. These moves will affect brokers who rely on interest-only sales but I am unsure whether this is what the regulator envisaged when it urged caution […]

Small lenders buckle under demand, with Accord pulling all deals again

Accord Mortgages’ decision to pull its product range for the second time in a month has sparked fears that smaller lenders are struggling to cope with demand. Accord withdrew all its residential products last week to maintain service levels after receiving a high volume of applications. It is expected to replace the products at some […]


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