22
Aug
Lender sees mortgage boom
Net mortgage lending at Coventry Building Society has increased
considerably in the last six months, it has emerged.
The lender has seen a 24 per cent jump in the amount of mortgages
agreed over the first half of the year, Mortgage Introducer
reports.
Despite a slowing economy, Coventry now has a three per cent share
of the total mortgage market.
Chief executive of the building society David Stewart stated that
the lender is in "good shape" and has remained focused on "low-risk
lending".
Noting the recent release of the building society's first covered
bond, Mr Stewart added that it "will enhance our already strong
funding position".
This news follows a number of rate cuts by other mortgage lenders,
which could help give the property market a much-needed
boost.
Leeds Building Society is the latest lender to announce a rate
reduction on its mortgage range.
