Lending at Teachers Building Society increased by 27% in 2013 compared to the previous year.
Surpassing expectations at the specialist mutual, the lending total includes an increase in the amount lent to first-time buyers of 14%.
Teachers Building Society, which specialises in lending to education professionals, extended its reach to non-teachers by rolling out its mortgage service to Hampshire residents in November. Already lending to people of any occupation in Dorset, this extension is part of the mutual’s strategy to continue to grow both its local and education customer bases.
Last year’s lending surge by the Dorset based building society came amidst improving conditions for those looking to get on the housing ladder, with the number of first-time buyers taking that all-important first step on the property ladder rising by some 22% nationally*. Committed to helping first-time buyers, Teachers Building Society launched a 95% loan to value mortgage in March.
Teachers Building Society chief executive James Bawa says: “We were founded to help people to buy their own homes and we continue to do all we can to help that dream become a reality, both for people working in education and those on our doorstep in Dorset and now Hampshire.
“I’d like to thank our intermediary partners, who introduce around half of our new mortgage business, for helping us exceed our plan last year. Lending to first time buyers represents 27% of our loan book for 2013 and it’s an area we really want to keep the focus on. First time buyers are crucial for the health of the housing market and wider economy and we’ve been very pleased to see the property market begin to recover this year.”
Number of first-time buyers up 22% in 2013, according to Halifax annual review (news article here)