Coventry Building Society, the UK’s sixth largest, has for the third time running come top of the prestigious MoneyFacts 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 the Coventry, which is ranked first and the Bank of Ireland which is ranked thirtieth, is a staggering £455.55 in the year July 1998 to June 1999.

Commenting on the survey’s results, Martin Ritchley, Chief Executive of Coventry Building Society said:

"Understandably, we are delighted with the MoneyFacts survey which, for the third time 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.

"During the period July 1998 to June 1999, the Society has advanced £1.2 billion, our highest ever figure in a twelve month period. It is clear that more and more borrowers are recognising the substantial savings to be made transferring to Coventry Building Society. As we say TLC nor PLC."