You are here: Home - First Time Buyers - News -

Teachers Building Society expands reach

0
Written by:
12/11/2013
Teachers Building Society has started lending to non-educationalists in Hampshire as well as Dorset.

The mutual building society has been offering mortgages to teachers and others working in the education profession since 1966, but has historically only lent to those outside the profession within the borders of its home county Dorset.

In the first stage of a major planned expansion, Teachers has now started offering mortgages to borrowers in the neighbouring county of Hampshire.

Chief executive James Bawa said that the expansion was a reaction to customer demand.

“We’re based on the eastern fringes of Dorset and we’d been getting requests from five miles away but were turning down the business,” he said. “That was a bit of an own goal.

“Portman Building Society used to be strong in this area but since its demise people have been looking for another building society. We want to be seen as a regional building society.

“Nearly 70% of customers have a partner not in education, so we have been lending to non-educational professionals anyway. Our previous approach had been overly cautious.”

Your Mortgage understands the lender will look to grow westwards next, with Devon and Somerset the likely targets for expansion.

“We’ve been going cautiously but we’re confident we can meet business levels and the look to expand again in the third quarter of next year.”

Teachers has increased lending dramatically since its return to the intermediary sector in 2011 and is planning further growth in the next 12 months.

“We’re targeting £55-60m of lending next year and we are looking for intermediaries to make up about 75% of that total,” Bawa said.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Sorry. No data so far.

Guide to borrowing past retirement age

As an older borrower, you may be concerned that a lender will not offer you a mortgage pas...

Mortgage market biased against homeowners

Buy-to-let property investors are unfairly favoured in the mortgage market, an independent...

Should buy-to-let investors ‘go Dutch’?

The Netherlands is revealed as Europe’s top buy-to-let property hotspot

Private sector tenants in poverty double in decade

The number of private rented sector tenants in poverty has doubled in the last decade from...

Large mortgage broker firm launches with fees of over 1%

An insurance firm has launched a mortgage advice service

Second steppers targeting detached properties

Those living in their first home are increasingly looking to reduce the steps to their lon...

Mortgage Calculators

Read previous post:
Newcastle lowers the cost of 95% deal

Newcastle BS has joined the trend for cutting the rate on higher loan-to-value mortgages.

Close