22 Aug

Lender sees mortgage boom

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.

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