View more on these topics

Coventry’s net mortgage lending rockets 97%

Coventry’s net mortgage lending surged 97% in 2007 – a record achievement for the mutual.

In its full year results for 2007 out this week, Coventry reveals that net lending increased to £1.7bn for the 12 months to December 31 2007, while gross mortgage advances increased by 44% to over £4.2bn.

David Stewart, Coventry’s chief executive, says: “Both these figures represent records for the society.

“The overwhelming majority of our mortgage lending continues to be in low risk sectors and we maintain strict limits to control the amount of potentially higher risk lending undertaken.”

Stewart says that the maximum LTV for its buy-to-let lending has been 85% while the average LTV for its total mortgage book at the year end was 45% after being adjusted for inflation.

He adds that unsecured lending totalled £55m last year, with the loans representing less than 1% of Coventry’s total outstanding loan book.

Stewart says: “As in previous years, all our mortgage growth was organic. We have never purchased a mortgage book, preferring to retain control of the origination and undwriting process. I am sure this policy has helped us to maintain our high asset quality.”


The month at a glance

On Wednesday 21 February Gordon Brown celebrated his 57th birthday and his first as prime minister. To mark the occasion the nation clubbed together to give him a bank of his very own

Treasury to create MBS gold standard

The Treasury is locked in discussions about a gold standard that will accredit mortgage-backed securities in a bid to reopen the wholesale mortgage funding market. The Treasury is understood to be striving to rebuild confidence in the wholesale markets, which have been partially closed since August, by giving its stamp of approval to MBS tranches […]

Trust’s key to win battle for hearts and minds

These days consumers are becoming increasingly aware of the companies behind the products they purchase and their buying decisions are influenced by their perceptions of the firms involved.

MI launches exclusive with TMW

Mortgage Intelligence has launched a three-year buy-to-let exclusive fixed at 5.85% from The Mortgage Works.A free valuation is offered along with £300 cashback on completion to a maximum property value of £500,000.The deal is available for remortgages only and applications must be submitted online.The arrangement fee is 1.75% of the property value (minimum £595) and […]

India budget: BJP focuses on growth

By Kunal Desai, Head of Indian Equities

With markets kept open on Saturday, finance minister Arun Jaitley delivered a promising budget focused on growth and decentralisation. While many complained about a six-day working week, there was much to be pleased about and the markets rallied in the afternoon to finish in the green.


News and expert analysis straight to your inbox

Sign up