Cowbridge branch reaches mortgage balance milestone
Swansea Building Society’s Cowbridge branch has achieved a record amount in mortgage balances, which the Society has attributed to its personal approach to mortgage lending and focus on developing niche mortgage products. These products have been particularly welcomed by those who are self‐employed, professionals, high income earners, those looking to build or renovate their own home and those looking to let properties on a short-term basis.
The Society’s Cowbridge branch, which opened during December 2017, has reached £50 million in mortgage balances – an impressive figure considering the branch has been in operation for less than two years.
Swansea Building Society’s offering of mortgages with competitive rates and it’s personal, tailored and common‐sense approach to lending by manually underwriting and not credit scoring cases has been welcomed by those in South East Wales. Whilst many cases are complex, the Society’s face‐to‐face approach to delivering services, understanding the needs of its customers and building a strong team have led the Society to this successful milestone.
The achievement of the Cowbridge branch has also been attributed to the branch’s East Wales Area Manager, Richard Miles. His proactive approach and strong networking with the community in South East Wales have made a significant contribution to the branch’s rapid growth in mortgage balances through a greater understanding of the needs of the community the Society serves.
In line with its notable growth, the Cowbridge branch recently appointed two new members of staff – a branch manager and business development manager – who will both operate across South East Wales, increasing the Society’s mortgage manager presence in the region to four front line mortgage managers.
Swansea Building Society’s flexible approach to lending, particularly for properties outside of the standard criteria of other lenders, is now widely known throughout South East Wales and provides a solid platform for future growth.
Richard Miles, Area Manager and Head of Savings at Swansea Building Society, said: “We are thrilled to have reached this milestone so early since the Cowbridge branch’s establishment. This achievement showcases that the Society’s personable, face‐to‐face business model truly works, as it enables us to really understand people’s individual circumstances and develop niche products to meet the needs of more complex mortgage customers.
“I am confident that this more traditional approach to lending rather than the automated, restrictive approach taken by many other lenders, will be fundamental to our continued growth in the future.”
Alun Williams, Chief Executive of Swansea Building Society, added: “With less than two years in business, this mortgage balance milestone is an incredible achievement for our Cowbridge branch. We are proud of our dedication to ensuring our customers can speak to a real person about their finances and it is an approach that is central to our success. Our aim is to maintain our focus on serving our communities in this traditional manner and offer tailor‐made mortgage products to benefit new and existing members.”