New mortgage application system for Teachers BS
Teachers Building Society is to simplify mortgage application requirements and speed up the process following feedback from its broker partners.
The Dorset-based mutual has launched a secure electronic application system, which also means clients now submit fewer documents
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 and its decision to move away from lending exclusively to teachers and Dorset residents only, as mortgage lending has surged by 150 per cent.
New lending has reached £14.8 million by the halfway stage, up from £6 million 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 and 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.