building society has for the second year running come top of the prestigious annual Money
Facts survey on mortgage interest charged by the top Mortgage Lenders.
The survey looks at the total annual interest repayment on a £50,000 standard variable
rate mortgage and highlights the stark difference in the amounts many borrowers pay to
their lenders. The difference between Coventry, which is ranked first and the Bank of
Ireland which is ranked thirtieth, is a staggering $475.69 in 1998.
Commenting on the surveys results, Martin Ritchley, Chief Executive of Coventry
Building Society said:
"Understandably, we are delighted with the Money Facts survey which, for the
second year running places Coventry Building Society at the top of the league table and
provides independent confirmation of the competitive deal we are giving to our borrowers.
"As a building society, we do not have to pay dividends to outside shareholders
and we are using this important competitive advantage to deliver ongoing benefits to
savers and borrowers, year after year. As the survey highlights, we have made sure that
our long standing borrowers receive the benefits of a highly competitive rate.
"In 1998, the society has for the first time ever, advanced more than £1 billion.
It is clear that more and more borrowers are recognising the substantial savings to be
made by transferring to Coventry Building Society."