The Coventry Building Society has reported ‘record results’ for 2016.
The mutual’s full year results show record mortgage growth with new lending up 13% to £9.0 billion and overall mortgage assets up £3.5 billion to £32.9 billion.
Mark Parsons, the Coventry’s chief executive, said: “Our mortgage assets have grown more than four times faster than the rest of the market. Just as importantly we’ve grown in the right way, focusing on the needs of intermediaries and their clients.
“We have underlined our commitment to the intermediary sector by announcing that we will pay a fee of 0.30% for buy-to-let product transfers from 1 April 2017, with plans to roll this out to residential transfers.
“In what was a very strong 2016, we’ve also grown our savings balances by 11% to a record £28.1 billion.
“We see our growth as an endorsement of our Putting Members First approach. This is well demonstrated by Fairer Finance ranking us number one for mortgages and savings for the second year running. Market conditions have seen financial services providers reporting mixed results. However, our low costs and our commitment to delivering value and service to our members have enabled us to sustain our track record of success.”
