Mortgage News
Co-op Bank reports £1.1bn mortgage lending in Q3
Co-op Bank has lent £1.1bn of gross mortgage lending in the third quarter, up from £530m during the same period last year.
Posting its third quarter trading update, for the year-to-date Co-op has advanced £4.1bn of mortgages.
The bank posted a profit before tax for the quarter of £28.5m compared to a £68.1m loss in the same period last year.
The average loan to value of its mortgage book stands at 56.9 per cent.
The cost of transforming the bank’s mortgage system came to £2m. Co-op also invested £7m into its business banking arm.
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Net residential lending now stands at £2.2bn for 2021 and is equivalent to a 13 per cent increase in mortgage balances. Co-op said it has a strong mortgage pipeline going in to the final quarter of the year.
Platform, the bank’s mortgage intermediary brand, launched several sub one per cent mortgage deals this summer to borrowers with a deposit of at least 40 per cent.