Building Societies Fight Back

Building Societies may represent only 20% of the mortgage/lending marketplace, but according to research by Evaluate Technologies Building Societies offer 40% of the best buy mortgages out there.

During their analysis, Evaluate Technologies examined thousands of deals, comparing them based on 9 different categories over of a range of different LTVs. And it was not long into their research that their noticed a distinct difference in the quality of mortgages offered between leading lenders and Building Societies.

In fact they discovered that Yorkshire Building Society alone offers 14% of the best lending deals in the market, whilst overall leading Building Societies provided:

• 5 out of 10 of the best fixed rate products (60% LTV)
• 7 out of 10 of best 75% LTVs

So whilst banks may appear to dominant the marketplace in terms of quality tracker mortgages, when it comes to fixed rates deals Building Societies are leading the tables hands down.

And the proof is in their product offerings -

Yorkshire Building Society: offer the 2 cheapest two-year fixed rate deals for 75% LTVs.

Nationwide: offers 6 of the most competitive mortgages deals available

Saffron and Vernon Building Societies: both offer 90% LTV mortgages

Other top Building Societies include: Melton, Cheshire, Britannia, Mansfield and Leek.

All of these deals are more than ideal for struggling first time buyers who are looking to get onto the property ladder. Providing them with quality rates – even on their 90% LTVs – Building Societies are proving that banks are not the only way forward for saving the economy.

Original Article

More About the Author

Peter Franklin, Property Mentor Delegate

I used to believe stocks and shares were the only way forward, yet after 15 years of property investing, neither of these can compare with the sheer velocity or impact that property investment can have on your bank account. Only with property can you truly experience the power of being in control of immediate cash flow AND capital appreciation. Stocks and shares simply cannot compete. Read more