05 Mar, 2008
Coventry's net mortgage lending surged
97% in 2007 - a record achievement for the mutual.
In its full year results for 2007 out this week, Coventry reveals
that net lending increased to £1.7bn for the 12 months to
December 31 2007, while gross mortgage advances increased by 44% to
David Stewart, Coventry's chief executive, says: "Both
these figures represent records for the society.
"The overwhelming majority of our mortgage lending continues
to be in low risk sectors and we maintain strict limits to control
the amount of potentially higher risk lending undertaken."
Stewart says that the maximum LTV for its buy-to-let lending has
been 85% while the average LTV for its total mortgage book at the
year end was 45% after being adjusted for inflation.
He adds that unsecured lending totalled £55m last year, with
the loans representing less than 1% of Coventry's total
outstanding loan book.
Stewart says: "As in previous years, all our mortgage growth
was organic. We have never purchased a mortgage book, preferring to
retain control of the origination and undwriting process. I am sure
this policy has helped us to maintain our high asset