The move reflects Lambeth's strategy to increase mortgage balances and the number of direct customers.
The shop will complement the Society's existing branch network by placing cases currently outside its lending criteria, such as adverse credit, buy-to-let and self-certification. It will also act as a marketing test-bed for new ideas which, if successful, will become part of day-to-day branch operations.
The shop is open for longer hours than is customary for building society and bank branches. Manager Laurie Young expects rail and bus commuters, in particular, to welcome a weekday closing time of 7pm. On Saturdays, customers will be able to make appointments until late afternoon - ideal for those who may have spent the morning house-hunting or shopping.
Commenting on the move, Young said: "The area around Clapham Junction is an increasingly sought after part of South London. Thousands of people use the rail station alone, there's a large department store nearby which attracts shoppers from miles around, and the social scene is vibrant. We expect strong demand for home loans, particularly from first-time buyers.”
