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Coventry Building Society

About Coventry Building Society

The Coventry started life back in 1884 as the Coventry Permanent Economic Building Society. Following a merger with Coventry Provident Building Society, it became known as Coventry Building Society. On 1 September 2010, Stroud & Swindon Building Society became part of Coventry Building Society and existing members of Stroud & Swindon became members of Coventry Building Society. They are members of the building societies association and are authorised and regulated by the FSA.

Coventry Building Society Information

Head Office - Coventry Building Society. Registered Office: Economic House, PO Box 9, High Street Coventry CV1 5QN.

Branch Offices –  

Coventry Building Society has a network of 70 branches and 22 agencies across the Midlands, South-West of England and Wales.

Savings Accounts – A wide range of savings accounts including, easy access, fixed rate bonds, notice savings accounts, Over 50 accounts, children’s accounts, monthly regular savers and tax free cash isas.

Mortgage Accounts – If you are looking for a mortgages Coventry offers them to first time buyers and news and existing customers, types available include buy to let, offset, fixed rate, flexible and standard variable rate mortgages.

Insurance – Home Contents and Buildings Insurance, Life Insurance, Landlords Insurance and Travel Insurance.

Other Services – Current Accounts and Travel Money.
Financial Results Year Ended 31/12/2011

Net profit after tax of £46.6 million.

The average LTV of mortgages advanced in 2011 of just 55.6%
with gross mortgage advances of £4.0 billion, representing around 17% of all mortgage advances by building societies and mutual lenders and representing 2.8% of all mortgage advances in the UK. The average LTV, as adjusted for changes in house prices, of the overall mortgage book is just 50%. As at 31 December 2011, only 0.79% of mortgage balances were 2.5% or more in arrears. There
were just 94 properties in possession at the end of 2011 (2010: 107), from a total population of around 185,000 accounts. At 31 December 2011, there were 268 mortgage accounts 12 months or more in arrears (2010: 336). The balances on these accounts totalled £31.0 million (2010: £38.7 million) and the value of these arrears was £5.0 million (2010: £8.3 million).

Savings deposits grew by £1.4 billion.
Over 400,000 customers opened new accounts with the Society
in 2011.Financial Results Year Ended 31/12/2010

For the year they made a profit after tax of £96,700,000 (£39,200,000).

Mortgage Lending - The Coventry Building Society increased the volume of net lending from £0.9 billion in 2009 to £1.6 billion in 2010, beating the previous highest share of the mortgage market that it achieved last year. With the addition of Stroud & Swindon, mortgage balances increased by £3.5 billion. After excluding the balances acquired on merger, the Society accounted for 19.0% of the growth in the UK mortgage market, up from the record 8% it achieved in 2009 and substantially more than its share of opening stock of 1.1%. The number of properties held by the combined Society reduced slightly in 2010 from the extremely low number reported at the end of 2009. The total of 107 properties in possession (of which 25 were originated or acquired by Stroud & Swindon) represents just 0.06% of more than 170,000 mortgage accounts.

Savings – In 2010, a new record was set by the Society with an overall increase in retail savings balances of £2.2 billion – a figure which excludes a further £2.2 billion added by the merger with Stroud & Swindon. This exceptional performance was based on offering a wide range of competitive, valued products supported by an organisational capability that delivers good service, flexibility and speed of action.

Coventry Building Society Directors

Bridget Blow, Roger Burnell, Colin Franklin, Ian Geden, David Harding, John Lowe, Ian Pickering, Fiona Smith, Glyn Smith, David Stewart and Phil Vaughan (resigned 28 April 2011).Membership Numbers – The Coventry Building Society has 254,000 borrowing members and 1,039,000 investing (saving) members.

Other information – website coventrybuildingsociety.co.uk.

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