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Broker return propelled lending surge at Teachers Building Society

Jul 08, 2013

Teachers Building Society is celebrating the second anniversary of its return to the broker market, a move which helped nearly double lending at the mutual. 

Back in 2011, Teachers Chief Executive James Bawa led the Dorset based lender back into the mortgage intermediary channel. 

He said today: "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 are delighted with the impact the intermediaries have had on our business and we are confident this will continue as we adapt our product range in the future." 

Thanks to the new business stream, lending surged despite a broadly flat market, with annual figures showing lending at the Teachers Building Society had nearly doubled. 

After providing a direct-only service for around seven years, Teachers returned to the broker market with a partnership with Mortgage Intelligence and Legal & General Mortgage Club, two of the UK's leading intermediary networks. 

As well as generating positive figures for the mutual, the return has been widely welcomed by brokers. 

Ceri Evans, of Evans Ash Financial Services LLP, said: “Teachers have successfully blended, modern day turnaround levels of speed and good rates/fees, with old school service values, with a key ability to speak to people, not computers. It has been a great benefit to have access to their products and staff.” 

Sally Laker, Managing Director of Mortgage Intelligence, said: "We have been delighted to work with Teachers Building Society on their journey back into the intermediary market. The overall proposition of competitively priced products and flexible underwriting approach is a refreshing change." 

Martyn Smith, Head of Mortgage Products at Legal & General Mortgage Club said: "Brokers value the personal service and good old fashioned underwriting offered by Teachers BS and the feedback we have had from our members has been excellent. As we start to see more first time buyers returning to the market, with mortgage advisers playing a major role in the advice process for many, having access to good value 95% LTV and Help to Buy products is vital, and Teachers BS delivers on both counts." 

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