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Teachers Building Society to lend more to first-time buyers

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07/02/2013
Teachers Building Society has announced plans to increase lending to first-time buyers in 2013.

The lender said its lending to first-time buyers had more than doubled in 2012 and that it expected a further 20% increase in the coming year.

Almost a third of the mutual’s lending was to buyers using the government’s FirstBuy scheme.

The society, which lends exclusively to people who are either working in the education industry or Dorset residents, said that around half of its business was completed using mortgage intermediaries in 2012 and that it was looking to drive that figure higher.

Teachers Building Society chief executive James Bawa said: “We are committed to helping people make that crucial step on to the housing ladder and we’ve really put our money where our mouth is.

“Lending to first-time buyers represents 30% of our loan book for 2012 and it’s an area we really want to keep the focus on.

“First-time buyers are essential for the health of the entire housing market and we are determined to keep on innovating to help realise their home owning dreams.

“We are excited about what our relationship with brokers can help us deliver for first-time buyers in the future.”

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