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Tessa Norman
60 Seconds with...James Bawa
JAMES BAWA
CHIEF EXECUTIVE
TEACHERS BUILDING SOCIETY
What are your plans for lending via intermediaries?
We are starting with two networks, one this month and one at the start of June. We decided to begin lending via brokers as well as directly because more and more people are seeking advice in today’s market and a lot of teachers value the face-to-face approach of intermediaries. So this way we don’t lose out on business.
What types of products will you be offering?
All our products will be available via brokers at the same rates as in branches, so there will be no dual pricing. We lend up to 90% LTV and traditionally have done a lot of higher LTV lending because our main market has been younger teachers. We know our market well and can tailor deals to teachers’ needs. For example, we will offer teachers a mortgage up to a month before they start their first job.
In September 2010 you started to lend to non-teachers in your local BH postcode. How is that going?
We made that decision when I saw a young couple turned away from one of our branches because they were not teachers even though their parents had been saving with us for 20 years, which didn’t seem right. We have not done much business with non-teachers and our focus remains on educational professionals, but I think it is good to have the service as a way of giving something back to the local community.
Do you think building societies are well placed to help first-time buyers?
Definitely. High street banks have gone after safer borrowers and societies are starting to carve out a place for first-time buyers.
If you weren’t in financial services what would you be doing?
I would be a used car salesman.
What has been the proudest moment of your career?
When you have children it makes your professional achievements pale into insignificance, so I would have to say having my two daughters.
What book are you currently reading?
Purple Cow by Seth Godin which is about transforming your business by being remarkable.
If you could be any animal what would it be?
I love dogs so I would be a Weimaraner because they’re so soppy.
Interview by Tessa norman
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