Coventry Building Society saw record mortgage growth of 5.5% – more than twice the market average – in the first six months of 2021, according to its interim results.
In the first half of 2021 the Society’s mortgage book grew by £2.4bn whilst its buy-to-let lending was up £0.9bn.
The first six months of the year also saw the Coventry provide 3,800 loans to first-time buyers – up from 900 loans in the same period of 2020.
Profit before tax was £124m for the six months to 30 June 2021, compared to £22 m reported in the same period of 2020.
Steve Hughes, chief executive of Coventry Building Society, said: “The mortgage market in 2021 has been incredibly strong and, by equipping our business development managers and service teams with the tools and technology to work with members, customers and intermediary partners, we’ve been able to meet the spikes in demand without compromising on the high standards of service that we are famous for, and that’s with most of our colleagues working from home.
“We haven’t waited for the market to come to us either. By launching 95% LTV products at the start of the year and regularly improving our rates and product features, we have supported the market in the best way we could – by providing competitive products in a timely way that meet the needs of borrowers.
“We’ve provided loans to four times more first-time buyers this year than in the first half of 2020. That’s a signal of our intent as we look to do even more in the second half of the year to help people buy their first homes.
“Our winning combination of supporting the market with competitive products, supporting our intermediary partners with excellent service, and supporting our people with the tools, technology and a focus on their wellbeing has helped us deliver excellent mortgage growth this year in a very competitive environment.
“The economic outlook whilst still uncertain has improved over the last six months. The housing market has been stimulated by government support and changes in buying behaviour resulting from the pandemic have caused demand to outstrip demand.
“Our financial performance has been strong and we have continued to deliver industry-leading service levels and outstanding colleague engagement. We will continue to take a prudent approach protect the long term interest of our members as we grow and invest for the future.
“I believe there is cause for cautious optimism as we transition through the pandemic and adapt to new ways of living and working.”