Check out building society mortgages for great deals
While a large number of building societies demutualised in the 1990s, there are still a number of excelling building society mortgages available in the UK today. These are often cheaper than those offered by banks and online mortgages.
Building societies do not have any shareholders and therefore can concentrate on offering better deals to their customers, or members.
While many demutualised to become banks, some of the top building societies kept their mutualised status and offer cheap mortgages and cheap remortgages.
The top ten building societies in the United Kingdom today are: Nationwide Building Society, Britannia Building Society, Yorkshire Building Society, Coventry Building Society, Chelsea Building Society, Skipton Building Society, West Bromwich Building Society, Leeds Building Society, Derbyshire Building Society and Cheshire Building Society.
If you are interested in building society mortgages and remortgages you should check out the websites of these providers and compare their rates. Here we will take a look at the mortgage and re mortgage products on offer from some of these.
With 12 million members, Nationwide Building Society is the largest building society in the world and offers a wide range of building society mortgages and remortgages. It also offers retail banking, savings, investments, insurance, loans, current accounts and foreign exchange.
If you are looking for a remortgage it offers fixed rate remortgages, variable interest rate remortgages and tracker remortgages. It calculates interest rates daily, offers flexible repayment options and has no hidden fees or charges.
It was voted the best remortgage lender by Your Mortgage in 2007. With a five year fixed remortgage rate of 5.98% it has to be one of the most competitive lenders on the market. While it does charge reservation fees and redemption charges, it will normally cover your valuation costs and legal costs if you remortgage.
Britannia Building Society is the second largest building society in the UK with 250 branches and assets of about £35 billion, and also offers a good choice of building society mortgages and remortgages.
Britannia also offers savings, loans, credit cards and insurance products to its members.
It has an extensive range of mortgage and remortgage products including fixed rate remortgages, offset remortgages, flexible remortgages, standard variable interest rate remortgages, tracker remortgages and existing customer mortgages.
If you are looking for a remortgage Britannia offers an attractive package with no set up charges and no early repayment penalties after the first two years. With interest rates as low as 5.64% for a five year fixed term remortgage or mortgage, Britannia is very competitive. However, its lower interest rate remortgage options do attract higher arrangement and administration fees. These are waived if you are willing to pay slightly higher interest rates.
If you are thinking of investing in a property to let, Britannia also offers buy to let remortgages and mortgages at competitive rates. When you go about finding a cheap remortgage you should look at all the options, but certainly do not discount building society remortgages.
