Lender grows mortgage balances despite ‘very competitive’ market

Coventry Building Society expects to have grown its mortgage balance by more than three times the rate of the market after a period of strong mortgage growth.

The lender has also increased savings balances by £400m in the first half of 2018 – with annual growth at twice the rate of the market.

“The mortgage market in the first half of 2018 has continued to be very competitive with margins remaining tight,” said chief executive Mark Parsons.

“However, the Society continues to achieve strong growth both in absolute terms and in comparison to the market.

“We are a major provider of buy to let mortgages and this market remains resilient, despite the taxation changes that have taken effect over the last two years, with a strong focus on re-mortgaging as owners and landlords take advantage of current borrowing rates.”

Former Coventry City vice chairman Gary Hoffman recently became the Building Society’s chairman and the board is being bolstered by the appointments of Iraj Amiri and Martin Stewart.