Coventry gross mortgage lending up 16%

Samantha Cordon
Written By:
Samantha Cordon

Coventry Building Society has reported a 16% increase in its gross mortgage lending to

Chief executive David Stewart said: “The last twelve months have seen a number of notable market developments some of which have helped the performance of mortgage lenders generally. 

“The improved availability of mortgage finance to borrowers is a welcome development though banks and building societies must remain mindful of the need to lend responsibly.”

Despite operating in post-crisis conditions which Stewart described as increasingly “complex” and “hostile” the society increased its mortgage assets by £2.1bn to £24.1bn and savings balances grew by £1.2bn to £21.3bn.

At 31 December 2013 the results showed 0.57% of mortgage balances were 2.5% or more in arrears and impairment charges during the year totalled £6.3m from a loan book of over £24.1bn.

This week several of the UK’s largest building societies released their annual results.

Yorkshire Building Society remains just ahead of the Coventry in terms of gross mortgage lending last year reporting a 48% increase to £6.8bn.

This week, the Skipton Building Society reported £2.4bn of gross mortgage lending in 2013, representing a 63% increase while the Leeds announced growth of 31% to £2.16bn.