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A Little History About Building Societies…
The first building society to be established was Ketley’s Building Society, founded by Richard Ketley, the landlord of the Golden Cross inn, in 1775. It served as a model for other financial institutions which soon followed suit, including those found here in Nottinghamshire! These organizations are often referred to as local banks or friendly societies because they exist purely to serve their members’ needs. The main differences between these type of organizations and more modern-day banking are that saving money within them is voluntary, instead of being mandatory; the maximum amount you can save on your account at any one time is determined by what’s available on deposit with the branch rather than depositing an arbitrary limit set by yourself (made possible through advances in technology).
What Is The Difference Between A Building Society And A Bank?
A building society is a mutual organization that offers savings and borrowing services to its members. They are not listed on the stock exchange, they do not pay dividends or distribute profits and all their capital is held by their customers in shares (like joint ownership).
Many banks offer mortgages for house purchase but these loans must be paid back with interest; whereas most societies allow homebuyers to buy a property outright. Building societies also provide other financial products like current accounts, fee-free cash machines, insurance policies, and investments.
In contrast to bank branches, you can find them at high street locations across the UK. You may even have one near your home where you live! And as well as being convenient places to visit if you need money, building societies often have a local focus on their charitable activities and support for the communities they serve.
What Are The Benefits Of Saving With A Building Society?
A building society is an alternative to traditional banks. Building societies offer lower rates, more flexible mortgages, and higher savings interest rates than most other lenders.
Building societies are a popular option for those with a poor credit history or who have struggled to save enough money over time – as they require no security and provide an interest rate that is higher than most other lenders. Unlike banks, building societies offer more flexible mortgage options and lower rates on savings accounts. Building society customers also have a say in how the organization should operate.
The Building Societies Association (BSA) is a trade body for building societies and represents over 90% of all UK-registered societies. They are responsible for developing policy guidelines that affect the day-to-day operation of these organizations, lobbying on behalf of members, and promoting their services. The BSA offers a number of initiatives to help people get on the property ladder, and many societies offer “shared ownership” schemes that allow buyers to purchase a portion of their new home.
Here Is A List Of The Building Societies In And Near Nottingham:
Coventry Building Society
Address: 1-2 Cheapside, Nottingham, NG1 2HU
Tel: 0115 958 1844
Web: https://www.coventrybuildingsociety.co.uk
Skipton Building Society
Address: 19 Angel Row, Nottingham, NG1 6HL
Tel: 0115 941 7800
Web: https://www.skipton.co.uk
Leeds Building Society
Address: 23 Listergate, Nottingham, NG1 7DE
Tel: 0115 947 2841
Web: https://www.leedsbuildingsociety.co.uk
Yorkshire Building Society
Address: 54-56 Milton St, Nottingham, NG1 3GT
Tel: 0115 828 0100
Web: https://www.ybs.co.uk/
Nationwide Building Society
Address: 49-51 Clumber St, Nottingham, NG1 3ED
Tel: 0800 554 0526
Web: https://www.nationwide.co.uk
The Nottingham
Address: Nottingham House Huntingdon Court, 3, Fulforth St, Nottingham,NG1 3DL
Tel: 0344 481 4444
Web: N/A
Golden Key Finance
Address: 15 Wheeler Gate, Nottingham, NG1 2NA
Tel: 020 7016 9745
Web: N/A
Nottingham Building Society
Address: 30 Central Avenue, West Bridgford, Nottingham, Nottinghamshire,NG2 5GR
Tel: 0115 914 5401
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 19a Plains Rd, Mapperley, Nottingham, NG3 5LG
Tel: 0115 960 6833
Web: https://www.thenottingham.com
Nationwide Building Society
Address: 1 High Rd, Beeston, Nottingham, NG9 2JL
Tel: 0800 554 1184
Web: https://www.nationwide.co.uk
Nottingham Building Society
Address: 157 Bramcote Lane, Wollaton, Nottingham, NG8 2QJ
Tel: 0115 928 0981
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 620 Mansfield Rd, Nottingham, NG5 2GA
Tel: 0115 956 4181
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 62 Front St, Arnold, Nottingham, NG5 7EJ
Tel: 0115 926 0930
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 344 Carlton Hill, Carlton, Nottingham, NG4 1JD
Tel: 0115 987 3301
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 32-34 High Rd, Beeston, Nottingham, NG9 2JP
Tel: 0115 925 1685
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 1-3 Church St, Stapleford, Nottingham, NG9 8GA
Tel: 0115 949 1717
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 137 Middleton Boulevard, Wollaton, Nottingham, NG8 1FW
Tel: 0115 928 0066
Web: https://www.thenottingham.com
Nationwide Building Society
Address: 1 Tamworth Rd, Long Eaton, Nottingham, NG10 1JS
Tel: 0800 554 0541
Web: https://www.nationwide.co.uk
Nationwide Building Society
Address: 38 Bath St, Ilkeston, DE7 8FD
Tel: 0800 554 0599
Web: https://www.nationwide.co.uk
Nottingham Building Society
Address: 5-6 Market Place, Bulwell, Nottingham, NG6 8QA
Tel: 0115 916 9060
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 26 Bath St, Ilkeston, DE7 8FB
Tel: 0115 932 4143
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 344 Carlton Hill, Carlton, Nottingham, NG4 1JD
Tel: 0115 987 3301
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 92 Nottingham Rd, Eastwood, Nottingham, NG16 3NP
Tel: 01773 718700
Web: https://www.thenottingham.com
Yorkshire Building Society
Address: 15-17 Watnall Road, Nottingham, NG15 7LD
Tel: 0115 956 4888
Web: https://www.ybs.co.uk/
Nationwide Building Society
Address: 25 Market St, Heanor, DE75 7NR
Tel: 0800 554 0452
Web: https://www.nationwide.co.uk
Mansfield Building Society
48 Station St, Kirkby-in-Ashfield, Nottingham, NG17 7AS
Tel: 01623 756601
Web: https://www.mansfieldbs.co.uk
Nationwide Building Society
Address: Unit 4 Victoria Avenue, Borrowash, Derby, DE72 3HE
Tel: 0800 554 1270
Web: https://www.nationwide.co.uk
Nottingham Building Society
Address: 58 High St, Long Eaton, Nottingham, NG10 1LP
Tel: 0115 849 1222
Web: https://www.thenottingham.com
Nottingham Building Society
Address: 39 High St, Hucknall, Nottingham, Nottinghamshire, NG15 7AW
Tel: 0115 968 1044
Web: https://www.thenottingham.com
Leek United Building Society
Address: 4-5 East Street, ILKESTON, Derbyshire, DE7 5JB
Tel: 0115 932 1431
Web: https://www.leekunited.co.uk
Nottingham Building Society
Address: 3-5 High St, Ruddington, Nottingham, NG11 6DT
Tel: 0115 910 2503
Web: https://www.thenottingham.com
Southside Mortgages
Address: 7 Parkcroft Road, Nottingham, Nottinghamshire, NG2 6FN
Tel: 0115 846 1751
Web: N/A
Nottingham Building Society
Address: 43892 Church Street, Nottingham, NG9 8GA
Tel: 0115 949 1717
Web: https://www.thenottingham.com
The Loughborough Building Society
Address: 5 Market Place, Long Eaton, Nottingham, NG10 1JL
Tel: 0115 972 8088
Web: https://www.theloughborough.co.uk
Spencer Mortgages & Protection
Address: 60 Cedarland Crescent, Nuthall, Nottingham, NG16 1AH
Tel: 07855 758952
Web: N/A
Popular Building Society Words And Phrases:
- Mortgage Services (nms) Lifetime
- Overdraft Facility
- Mortgage Deposit
- Standard Variable Rate
- Fixed-Rate
- Early Repayments
- Home May Be Repossessed
Mortgage Services Lifetime:
The Building Societies Association (BSA) is responsible for developing policy guidelines that affect the day-to-day operation of these organizations, lobbying on behalf of members, and promoting their services. The BSA offers initiatives to help people get on the property ladder, many societies offer “shared ownership” schemes that allow buyers to purchase a portion of their new homes; they build up equity in this part over time, while paying rent or mortgage payments on other parts that are not theirs yet. Mortgage experts believe it will be more difficult for first-time buyers as buy to let landlords find themselves more expensive with increased stamp duty charges and tighter lending criteria imposed by lenders after April 2017.
Overdraft Facility
An overdraft facility is a loan from your building society that can be used to pay for any emergency expenses, such as replacing broken electrical goods or if you need the money urgently.
Here is an example set of points to look out for in relation to applying for an overdraft facility:
●You should firstly speak with one of our advisors who will discuss your circumstances and help to assess what type of overdraft may suit you best.
●An agreement form needs to be filled out by both parties before any information is disclosed about fees, cost, and other details relating to this service.
●For customers whose balance falls under £1200 at the end of each day are eligible for their first month’s fee (currently charged at £48) waived off meaning there would not be an additional charge against your account.
●It is important that you keep in touch with us if there are any changes to your circumstances such as a change of address or job which has an impact on the income and expenditure balance because this will have an effect on what type of overdraft we can offer you.
●Most importantly, remember it’s always better not to rely too heavily on borrowing money so do make sure that you factor all other expenses into your monthly budget before considering applying for this service. Borrowing money always has risks attached so do make sure that there’s enough cash to cover all other expenses before considering applying for an overdraft.
Mortgage Deposit
A mortgage deposit is required for every property that you buy. The mortgage deposit is usually a % of the value of the house, for example, if your budget is £200k and want to spend 50% on your deposit then you will need at least £100000 in savings or investments (but it can be more).
The type of investment needed depends on which lender you’re going through:
-For first-time buyers, lenders may only accept AIPP/SIPP as they don’t have any other assets like shares.
-For people with pre-existing mortgages, there are many different types but generally, most lending companies would take cash deposits such as ISAs & Savings accounts, etc.
If an investor has their money tied up in stocks and shares and wants to use this as a deposit, it is essential that they have sufficient stocks to cover the % of their property value which should be in order for them to get approved.
-A potential downside could be if there’s an emergency and you need access to your money urgently. The lending companies may not allow this until after your house has been sold or with some form of penalty fee being applied (depending on how long).
Building societies are one option whereby deposits can typically only come from savings accounts such as ISAs & Savings but offer up to a 100% mortgage meaning it will take longer before any equity needs paying back.
This means that you won’t owe anything at first so no repayments would be necessary, however interest rates tend to start very low so it may make more sense to have a short-term fixed-rate mortgage if you can afford the repayments straight away.
The other advantage is that all of your money in savings accounts at building societies are protected by FSCS which stands for Financial Services Compensation Scheme and means they’ll pay up to £85,000 per person or business account holder with any UK authorized financial firm including Building Societies.
This protection does not extend to investment products such as shares, bonds & unit trusts unless they’ve been legally designated under section 207(b) of FSMA 2000 (Financial Services and Markets Act).
An example would be where someone’s ISA has invested into a company that then goes bust – this will only benefit those who paid into their ISA before the company went bust.
Standard Variable Rate
A standard variable rate is the interest rate charged on a loan of one kind (mortgage, credit card or overdraft) at the time it is opened. In practice, this means that during the lifetime of your agreement you are likely to be offered an interest rate that will move up and down in line with changes in Bank Rate.
Fixed-Rate
A fixed-rate mortgage is a mortgage for which the interest rate is fixed at an agreed level when the agreement starts. The monthly payments are also a fixed amount and remain unchanged even if Bank Rate changes during your period of ownership.
Early Repayments
Early Repayments are often not allowed on a mortgage.
In the event that you sell your property or decide to move for another reason, and early repayment is permitted in accordance with the relevant terms and conditions, an administration fee may / will be required plus any loan balance outstanding as at the date of sale (where applicable) being repaid before considering your application.
Home May Be Repossessed:
This is a phrase that often appears in the small print of mortgage agreements and warns buyers they will lose their home if they don’t keep up with payments. It also means there may be less risk to taking out a loan or mortgages as lenders know homeowners won’t default on repayments because it would cost them much more than just repossessing the house.
