Coventry 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 survey’s 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."