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The Building Societies Association was established in 1869, and is the trade body representing the sixty or so UK building societies that still operate today.
This page takes an historical look at the Building Societies Association (BSA) and the role it plays when it comes to mortgage borrowing, and how we might be able to help with mortgage and remortgage funding where Building Societies often can't!
Table of Contents:
The Building Societies Association (or BSA for short) was setup in 1869 to serve as the trade body to represent Building Societies in the United Kingdom. The Building Societies Association represents some 60 or so UK Building Societies that are still in operation.
The BSA engages with government, regulators and the media to promote its members' interests, as well as providing information and advice to UK Building Societies.
All UK Building Societies are members of the Building Societies Association, and between them they hold total assets of over £300 billion, and hold about 15 million building society savings accounts. The other main function of a building society is of course to provide funds to assist its two and a half million mortgage borrowers with loans to buy their homes.
Huge changes within the financial services sector during the 1990's saw many of the larger building societies shedding their mutual status and converting to banks that are now owned by shareholders, who are usually hungry for dividend payments.
Conversely, the owners of the building societies are their customer members, and as a result there are no shareholders' dividend payments to make. It is the membership that benefits from the good performance of the building societies by being able to offer more competitively rated mortgage and investment products.
You'll be pleased to know that the answer is yes, and we'd be happy to oblige. The benefits of using building societies for mortgage funding are quite apparent - they generally will offer a more competitive standard variable rate than those of other mortgage lenders. However, the downsides are that they can tend to be much more rigid in their lending criteria, and not so innovative in the range of schemes that may be available to the borrower.
So, if you are interested in checking out the options that may be available to you, please call us on FREEPHONE 08000 282 281 or contact us online. One of our professionally qualified mortgage specialists will happily assess your circumstances, needs and aspirations, and will come up with just the right product for you!
Hopefully, that has shed a little light on the Building Societies Association for you, and we've managed to answer any initial questions you had. Remember, if you do have difficult or unusual circumstances, our product portfolios are crammed with a very wide range of mortgage products to offer. So please don't hesitate to contact us if you think this facility would help you. Our lines are open until 10.00pm everyday (including Saturdays and Sundays) or enquire online, and we'll be delighted to provide you with an in-principle decision - whatever your circumstances may be.
The overall cost for comparison is 9.8% APR.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. APR variable and based on a usual case. Most customers are likely to receive a lower rate or the same rate as our overall cost for comparison rate - learn more about APR.
There are no upfront broker fees.
However, a fee may be charged on successful completion. An indication is that on conforming cases (straightforward applications with no or minimal adverse credit) a fee may be charged of up to 1% of the amount advanced, typically £795 and will depend on your circumstances.
For non-conforming cases (where case research and processing may be more complex due to adverse credit or unusual circumstances), a fee may be charged of up to 3% of the amount advanced, typically £1,995.
THINK CAREFULLY BEFORE
SECURING OTHER DEBTS AGAINST YOUR HOME.
YOUR HOME MAY BE REPOSSESSED
IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
Adding existing debt to your mortgage will increase the repayment term and overall cost.
Are you worried and becoming stressed because you are having problems getting a mortgage or remortgage? Worry and stress no more! Here at Shire Direct we provide tailor made mortgage solutions to suit you, and can usually help with all kinds of circumstances including...
Remember, we're here to help, and would love to hear from you!
Shire Direct and Shire Direct Mortgages are trading styles of Shire Processing Centre Limited which is
Authorised and regulated by the Financial Services Authority in respect of regulated mortgage products and general insurances.
Registered No: 302389. Commercial funding and Secured Loans are not regulated by the FSA.
Licensed Credit Brokers. Consumer Credit Licence Number: 349999.
Shire Processing Centre Limited is registered under the provisions of the Data Protection Act by the Information Commissioners Office: Registration No: Z6795249. Registered in England & Wales. Company number: 2732202. Telephone calls may be recorded for training, monitoring and security purposes. All applicants must be aged 18-years or over.
