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Lender reports record growth
Coventry Building Society has reported record mortgage advances of £4.8bn in the first half of 2016 and net lending of £2bn.
In results posted in their interim financial report, the building society announced that mortgage assets were up 9% from June 2015.
Other strong results include a statutory profit before tax increase of 10% to £110m.
Savings deposit balances were also up 12% year-on-year, with balances increasing by £1.6bn in the first half of the year. This has led to a record overall saving deposit of £26.9bn.
Chief executive Mark Parsons said: “I am pleased to report that Coventry Building Society has maintained its success and delivered strong, profitable growth in the first half of 2016.
“The repercussions of the European Union (EU) referendum may affect market sentiment and government policy, however, the fundamentals of our business are unchanged.
“We are a low-cost, low-risk provider of residential mortgages wholly within the UK, funded predominantly by over one million individual savers.
“We have been equally successful in attracting new mortgage business.
“In common with other lenders, we had a particularly strong period ahead of the stamp duty changes in April driven by the buy-to-let sector, which has been an area of strength for the society in recent years.
“The new stamp duty rules, together with the forthcoming changes to mortgage interest tax relief, are significant developments within this sector.
“We will adapt to these changes, as will landlords and tenants, and I am confident that buy-to-let investments will continue to offer secure and high-quality lending opportunities.”
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