The Benefits of Building Society and Community Banking Mortgages

If you are currently saving capital with a view to buying a home, you will be faced with an extremely challenging decision in the current economic climate. More …

If you are currently saving capital with a view to buying a home, you will be faced with an extremely challenging decision in the current economic climate. More specifically, you will need to consider the merits of investing in a fixed rate mortgage now or wait for interest rates to rise in the near future.

This week’s announcement by the Bank of England (BoE) may have swayed the opinions of most individuals, however, as Governor Mark Carney revealed that interest rates are to be kept at a record-low 0.5% for the foreseeable future. The purpose of this is to reduce the rate of inflation prior to next years’ General Election.

Stick or Twist: Is Now the Time to Invest in a Mortgage?

This is just one consideration when buying a home, however, and it is important for potential buyers to absorb a wider range of information before making an informed decision. One of the key things to bear in mind is the increasing popularity of independent lenders and mortgage brokers, who either serve as community banks or building societies and are renowned for having a more flexible approach to meeting borrower’s needs. These financial institutions can offer accessible and specialist mortgages, which speak to each individual buyers and provides genuine long-term value.

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This type of business model became popular in the wake of the Great Recession, as traditional financial organizations tightened their belts and drastically reduced their levels of personal and business lending. Such stringent regulations made economic growth and recovery impossible, however, meaning there became a gap in the market for flexible lenders who were willing to help local customers within the community. Even as the economy continues to expand in the UK, these financial products serve an important purpose for applicants who are still struggling with the effects of the recession and a poor credit history.

The most important aspect of these lenders and the mortgages that they offer is their flexibility. Whether you are buying a home with the intention of renting it out to others, looking to self-build or invest in your dream family property, community lenders and building societies are likely to have a type of mortgage that is genuinely viable. The same sense of flexibility also applies to your own financial circumstances, as it is far easier to obtain a mortgage through these outlets if you are self-employed or have an unusual income stream.

So while interest rates may have reached a record low in recent times, this is not the only consideration when investing in a mortgage. With the choice of a flexible and independent lender, it is possible to negate economic issues and secure the house of your dreams.


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