You are here: Home - Mortgages - Buy To Let - News -

Guide to Mutual Lenders

Written by:
Welcome to the 2013 edition of Your Mortgage Guide to Mutual Lenders.
Guide to Mutual Lenders

The past 12 months have generally been successful ones for UK building societies and other mutually-owned banks.

Although the country is still facing tough economic challenges, the mutual sector – owned by members, not shareholders – has weathered the financial storm and is now ‘emerging from the difficulties in better health than the UK banking industry as a whole’.

Over the last year, the difference between plc banks and mutual institutions has become ever more striking with one of the most obvious distinctions being the levels of trust consumers have in their provider. In August 2012, the Building Societies Association (BSA) commissioned a survey which revealed that mutuals outscored banks across 11 aspects of customer service, including value for money, openness and honesty as well as trust. Mutuals in fact scored better on all factors – not altogether surprising for organisations that pride themselves on their individual-based attitude to business, rather than a generic ‘computer says no’ approach.

Providing finance for homeownership also remains at the heart of mutuals’ business. Many have been lending to homeowners for over 150 years, and in the first 11 months of 2012, over 61,000 loans were made to first-time buyers (up from 36,000 in 2011). Higher loan-to-value ratio (i.e low deposit) mortgages were offered by many, while participation in the Government’s Funding for Lending Scheme (FLS) will ensure that even more money is becoming available from mutuals through 2013 for first-time buyers and homemovers looking to get on or move up the property ladder.

The culture which frames the behaviour of mutuals in the way they operate has changed little since the early societies. However, we now have a forward-looking, diverse and economically sound sector looking to help customers realise their housing ambitions.

View the Guide to Mutual Lenders here.


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

After an award-winning health insurance provider?

Winner of best online health care provider in the Your Money Awards 2015

Help for homebuyers

Download our handy guide for homebuyers, produced in association with Barclays. Saving a hefty deposit to b...

Guide to Self-Employed Mortgages

Download/watch our Guide/video on Self-Employed Mortgages, produced in association with Precise Mortgages. ...

BNY Mellon launches investment guide for women

BNY Mellon has produced a free ‘Guide to Investing for Women' to provide an introduction to investing and lo...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Top tips for protecting yourself online

One in six adults has fallen victim to a cyber-attack, according to new research from Experian.

BLOG: Top tips for would-be entrepreneurs

As Global Entrepreneurship Week draws to a close James Benamor teaches Your Money how to get a business off th...

Stock tips from top fund manager: IP Group

James Henderson, manager of the Lowland Investment Company and Henderson Opportunities Trust, selects IP Group...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
Top Tips for first-time buyers

A checklist of things a first-time buyer should consider before the all important mortgage application.