"Their ability to react quickly to market conditions through the incorporation of flexible and adaptable lending approaches positions them to deliver innovative products and criteria which make them stand out in current economic climate." Building Societies have long been woven into the fabric of communities up and down the UK and have been servicing a variety of financial needs for over 250 years. As you can imagine, lending approaches have evolved massively over time but one thing has remained constant in that ownership is still retained by members and any profits made are always reinvested into the business to service the needs of savers and borrowers.
This can sometimes lead to them being tarnished with an old-fashioned brush but this is far from the truth. Many of these institutions are true pioneers within the modern mortgage market. Their ability to react quickly to market conditions through the incorporation of flexible and adaptable lending approaches positions them to deliver innovative products and criteria which make them stand out in current economic climate.
In recent weeks, we've seen Yorkshire Building Society launch a £5k deposit mortgage product that can be used on homes worth up to £500,000, effectively providing a 99% LTV loan. This follows Skipton Building Society introducing a 100% LTV Track Record mortgage aimed at..
. Melanie Spencer.
