Coventry increases mortgage market share
According to the Coventry’s results for the year ending 31 December 2010, it achieved:
- Gross mortgage lending of £3.5 billion (2009: £2.7 billion).
- 17.1% of all mortgage advances by building societies and mutual lenders (source: BSA).
- Net mortgage lending of £1.6 billion (excluding balances acquired as a result of the Stroud & Swindon merger) (2009: £0.9 billion).
- 19.0% of all net mortgage lending in the UK (source: CML).
Mortgage assets increased by a further £1.9 billion and savings balances by £2.2 billion following completion of the merger with Stroud & Swindon on 1 September 2010.
Commenting, David Stewart, chief executive, said: “I am pleased to report that Coventry has again recorded a very strong performance, a track record that has been largely unaffected by the onset of the financial crisis in 2007.
“We also have a track record of supporting mortgage intermediaries. Not only were we the first lender to commit to no dual pricing, a commitment made at the very start of the credit crisis in 2007, but we have backed this up with a unique set of meaningful pledges.
“In 2010, we are again grateful for the support received from all types of mortgage advisers. This support has been instrumental in helping us achieve a record market share, with Coventry accounting for 19% net mortgage lending in the UK.
“I hope our partnership with intermediaries goes from strength to strength and we will work hard to repeat the success of 2010, a year in which our approach was recognised in a number of awards, including those from Personal Touch, Sesame and Pink.”