Building Society has for the first time in its history made gross mortgage advances of
more than £1 billion in a single year. This milestone was reached during November 1998
and is substantially more than the £887 million advanced during the whole of 1997.
The Coventry is currently enjoying one of its most successful years ever and this
record level of gross mortgage lending is well ahead of the Societys
natural market share, whilst net mortgage lending (gross lending less capital
repayment) is a remarkable 3 ½ times our natural market share.
Martin Ritchley, the Societys Chief Executive, commented:
"Unlike our banking competitors, building societies do not have to pay dividends
to outside shareholders, which gives us an enormous competitive advantage which we are
using for the benefit of our customers. I am delighted that our strategy is proving so
successful in enabling us to grow our business at the expense of our banking competitors.
A significant proportion of our lending has come from those seeing to remortgage using our
highly competitive products which provide significant savings for them. It is hardly
surprising that more and more people are deserting the banks in favour of the ongoing
benefits which we, as a building society, can deliver at the Coventry.
"Not only are we interested in attracting new borrowers but keeping existing
customers is just as important to us at the Coventry. I am delighted that our Privilege
ate which, since its introduction in March 1996, has provided a 0.75% discount off our
Standard Variable Rate for borrowers who have been with us for five years or more, has
produced such outstanding results.
"We are determined to go on using the advantage which our building society status
brings for the benefit of our members, whether they be savers or borrowers. As our
branding says: Coventry Building Society TLC not PLC."