Brokers lead lending surge at Teachers BS
Lending has surged despite a broadly flat market, with Teachers Building Society reaping the benefits of the broker market and a decision to move away from lending exclusively to teachers and make its mortgages available to Dorset residents.
New lending had reached £14.8m by the halfway stage, up from £6m in the same period in 2011 and the same as the full year total for 2010. Broker mortgages to date in 2012 account for just over half of all new lending.
James Bawa, chief executive of Teachers Building Society, said: “We’re delighted by the impact of re-entering the broker market, which has made our products more accessible to a wider market. While we expect interest rates and the mortgage market to remain flat in the coming months, we are excited about what our relationship with brokers can deliver in the future.
“We pride ourselves on the exceptional quality of our customer service and value for money products and believe that this is what customers want, particularly at a time when trust in financial institutions is at an all time low.
“Although the economy continues to be challenging, Teachers Building Society remains financially strong and we are confident our full year figures will make welcome reading for our members.”
Teachers Building Society, which is based in Wimborne, Dorset, is the 32nd largest mortgage lender in the country.