Lending to first-time buyers soared by 115% in 2012 at Teachers Building Society, which has unveiled plans to increase its support of the hard-pressed sector again this year.
Not only did the Dorset based mutual ramp-up its lending to first-time buyers, almost a third (29%) of this lending was to buyers with no deposit who were getting on to the ladder with the FirstBuy scheme.
Now Teachers Building Society, which is keen to lend to first-time buyers who are either education professionals or Dorset residents, is scaling up its commitment to the sector still further with plans to increase lending by 20% in 2013.
Last year’s lending surge by the Wimborne based building society came amidst challenging conditions for those looking to get on the housing ladder, with deposits of 20% typically required. In another move to help the embattled sector Teachers Building Society launched a range of 90% loan to value mortgages to lower the bar to home ownership.
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.”