Lower mortgage rates are leading to an increase in lending.
Coventry Building Society mortgage rates are being cut and their lending levels are going up.
Figures from the mortgage lender show that their gross lending levels have increased by a third, the building society has recorded record profits for the first half of 2012.
New lending has increased by 33% and is now £2.5 billion and its first half profits are up by almost a fifth. Profit for the first six months of 2012 is £39.8 million which is a 18% increase on the £33.7 million recorded for the first six months of 2011
The Coventry are attributing the increase to the highly competitive mortgage rates it offers.
Coventry recently announced lower deposit additions to its mortgage range for both buy to let and residential customers.
For those with a 10% deposit mortgage rates have been cut. A 5 year fix for 90% LTV is now available at 5.39% with fees of £499. For Coventry Building Society account holders a preferential rate of 5.19% is available with a lower £199 fee.
A 5 year fixed rate at 5.19% has also been released by the Coventry for 85% LTV at 5.19% with £199 fees. Coventry also plans to help more first time buyers with the release of valuation free mortgage deals.
Products have also being released to support investment landlords, a 2 year fixed buy to let mortgage rate is available at 3.59% for 65% LTV .
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