fbpx

Coventry’s mortgage lending up 16pc

Sam Cordon

August 2, 2013

The society’s net mortgage lending now stands at £1.2bn, equivalent to 47% of all net mortgage lending in the UK.

David Stewart, chief executive of the Coventry, said the Society’s results represented a record in terms of both value and market share.

He said: “Mortgage balances increased by £1.2bn, a performance in contrast to that of the market as a whole. Coventry now accounts for 25% of mortgage growth in the UK since the start of 2010.

“Whilst the Funding for Lending Scheme (‘FLS’) has successfully helped underpin the supply of mortgages, it is still the case that since the scheme was launched, major lenders collectively have reported a significant contraction in mortgage lending.”

The latest figures published by the Bank of England show that in the first nine months of the scheme, to 31 March 2013, the 10 largest participating lenders had recorded negative aggregate net lending of over £8.6bn (excluding Coventry).

Stewart added: “Coventry’s positive net lending over the same period of £1.6bn emphasises the Society’s continuing financial strength and the extent to which its business model has been relatively unaffected by the events of the past few years.”


Sign up to our daily email