Confidence in the economy is low, but Ipswich Building Society is bucking the trend. It has reported a staggering increase of 80% in its mortgage applications (July 09 v July 08), whilst building societies overall have seen the number of applications reduced.
The dramatic increase in Ipswich Building Society’s mortgage lending is mirrored in its success at attracting new deposits in savings accounts. The industry as a whole has continued to see higher withdrawals than receipts from accounts, whereas Ipswich Building Society's half year results for 2009 show an increase of 55% in positive net receipts, compared to the same period in 2008.
Paul Winter, Chief Executive, Ipswich Building Society, said: “The current financial climate means people will be naturally nervous and as well as competitive products, they need reassurance. Unlike most lenders, we empower our employees so they can follow through each mortgage or new account request, giving customers the confidence of dealing with just one individual, as well as having prompt and efficient service.”
He added: “There is a return by the public generally to appreciating the benefits of locally based financial organisations who they can develop a relationship with and trust. Our own research backs this up.”
Ipswich Building Society undertook brand research with 400 customers and non-customers in April this year, which showed trust and quality of service as the two most important factors in choosing a financial institution.
For further information about Ipswich Building Society telephone 0845 230 8686 or visit the website at www.ibs.co.uk
The dramatic increase in Ipswich Building Society’s mortgage lending is mirrored in its success at attracting new deposits in savings accounts. The industry as a whole has continued to see higher withdrawals than receipts from accounts, whereas Ipswich Building Society's half year results for 2009 show an increase of 55% in positive net receipts, compared to the same period in 2008.
Paul Winter, Chief Executive, Ipswich Building Society, said: “The current financial climate means people will be naturally nervous and as well as competitive products, they need reassurance. Unlike most lenders, we empower our employees so they can follow through each mortgage or new account request, giving customers the confidence of dealing with just one individual, as well as having prompt and efficient service.”
He added: “There is a return by the public generally to appreciating the benefits of locally based financial organisations who they can develop a relationship with and trust. Our own research backs this up.”
Ipswich Building Society undertook brand research with 400 customers and non-customers in April this year, which showed trust and quality of service as the two most important factors in choosing a financial institution.
For further information about Ipswich Building Society telephone 0845 230 8686 or visit the website at www.ibs.co.uk
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