Feedback from its broker partners has prompted the Teachers Building Society to simplify mortgage application requirements and speed up the process.
The Dorset-based mutual saw trade surge by 150% after re-entering the broker market last year and is now responding to advice from its new partners.
Clients now have to submit fewer documents and Teachers has launched a secure electronic application system, which safely reduces delays.
The move follows a previous decision to offer the ability to add arrangement fees to the loan following advice from brokers. It is part of the same emphasis on customer service that has just seen Teachers scoop the ‘Best Local Building Society’ title in the What Mortgage Awards for the second consecutive year.
Despite a broadly flat market, Teachers has reaped the benefits of its return to the broker market as well as a decision to move away from lending exclusively to teachers and offer its mortgages to Dorset residents. New lending has reached £14.8m by the halfway stage, up from £6m in the same period in 2011 and the same as the full year total for 2010. Broker mortgages to date in 2012 account for just over half of all new lending.
Alan Gravett, Head of Sales & Marketing at Teachers Building Society, said: "We are always listening to the feedback that brokers give us and the new e-submission service demonstrates that we are constantly improving since re-entering the broker market last year. We have also reduced documentation requirements for standard mortgage cases to three bank statements, one payslip and proof of ID & address. Earlier this year we introduced the ability to add fees to the loan following comments from brokers too.”
Teachers Building Society has partnered with two intermediary networks: Legal & General Mortgage Club and Mortgage Intelligence. The society has a dedicated intermediary team and operates individual underwriting, assessing each case on its own merits.
To find out more about mortgages from Teachers Building Society, call 0800 378 669 or visit the website: www.teachersbs.co.uk/intermediary.