Coventry Building Society is the second largest building society in the UK with total mortgage assets of £43.5bn and £38.2bn in savings balances as of December 2020, serving over 2 million members. The Society is led by Steve Hughes who joined as CEO of Coventry in April 2020 and has steered the business effectively through the pandemic and continues to drive an ambitious strategy. The Society provides residential mortgages and savings products to personal customers based in the UK. 90% of mortgage products are distributed via mortgage brokers and intermediaries. Mortgage lending is lower risk than average, protecting borrowers and investors from economic shock. This resilience is reflected in the strong financial performance of the Society, low arrears, and low repossession rates. Savings products include instant and partial access products, fixed rate bonds and ISAs, which are available on platforms such as the cash marketplace offered by Hargreaves Lansdown. As a consequence of the low cost of operation and risk, the Society can operate with lower net interest margins, therefore offering consistently attractive interest rates and products to savings and mortgage members. In line with its business model, the Society aims to be highly efficient and there is a culture of care in
Keywords: Building Society, mutual, financial services, mortgages, savings
Sector: Service with Minor Environmental Footprint
Size: 1000+ employees
B Corp Certified – Impact Score: 97.3
