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Mortgage lending surges at Teachers Building Society

Mar 26, 2013

Full year figures for Teachers Building Society show new lending in 2012 nearly doubled compared to 2011, with mortgages for first-time buyers up 115%.

Lending surged despite a broadly flat market, with the Dorset based mutual continuing to reap the benefits of its re-entry into the broker market in 2011.

Alongside the strong financial performance, the society kept up its focus on customer service, winning the coveted What Mortgage Best Local Building Society Award for the second year running, and there was a Teachers Building Society savings account in a Best Buy chart every week in 2012.
The key highlights of the Teachers Building Society annual results for 2012:
• New lending up 95% on 2011 to £38m
• Lending to first-time buyers up 115%
• Asset growth of 4% to £232m
• Reserves steady at £19m
• Pre-tax profit of £387,000
2012 was another tough year for the global economy, but Teachers Building Society remains financially strong and committed to serving its core markets of teachers and the Dorset community.
James Bawa, Chief Executive of Teachers Building Society, pictured, said: "We have made a good start on our plans for strong growth over the next 10 years and we’re particularly pleased that our mortgage lending almost doubled when the wider market remains challenging.
Our savers have been central to this success and while savers generally have been affected by low interest rates over the last few years we have used some of our profits to provide higher returns to our customers.

Lending to first time buyers represented 30% of our loan book for 2012 and it’s an area we really want to keep the focus on. Our return to the broker market two years ago has proven to be a positive move as just over half of our mortgage business came from this source last year.
We were thrilled to win the What Mortgage Award for the second year running, as we are working hard to become a preferred mortgage provider in our home county of Dorset, while continuing to specialise in mortgages for teachers nationally.”

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