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Chorley and District Building Society

This society is the oldest building society in Lancashire, originally founded in 1859 as the Chorley Permanent Benefit Building Society. The head office is based in Chorley and there are three branches across the county employing 45 members of staff. The society remains mutual, so there are no shareholders to receive dividends - all profits are used to offer good value savings and mortgage products to members. Chorley and District Building Society has total assets of over £117million.

Mortgage products are designed for existing or new customers and can be fixed rate, discount rate or standard variable rate. Existing customers who may be coming to the end of a fixed rate or discount deal can choose a new mortgage that will have a discount or can switch to the society's standard variable rate. New customers can choose from fixed, discount or standard variable rate products. The minimum advance is usually £5,000 and the maximum amount is £500,000, the maximum loan to value is usually 75% but ask your mortgage advisor if you think that you will need to borrow more. You may be able up to 4 times your income or 3.5 times a joint income over a period of up to 40 years. Fixed and discount rate mortgages can cover a period of between one and three years although a discount mortgage that covers the full term of the mortgage is also available.

The society has a stepped discount product which offers a reducing discount rate each year over a period of three years, the higher discount may be useful in the first years of moving home when expenses can be high. At the end of the agreed period you will switch to the Society's Standard Variable rate.

Some products will allow you to overpay at any time but others will only allow a 10% overpayment each year, check with your advisor if this is important for you.

 

Chorley and District Building Society Mortgage Products

Fixed Rate mortgages: These products are available to both new and existing customers and give security to borrowers who like to know exactly how much they will be paying each month for their mortgage. You can agree a fixed rate of interest for a period of 1 - 5 years depending upon your personal circumstances. The interest rate will depend upon the deposit you can provide and the length of the fixed rate term. At the end of the agreed period you will switch to the Society's Standard variable rate.

Standard Variable Rate mortgages: You can arrange a mortgage that follows the Society's Standard Variable rate for the whole term of the loan. This means that your monthly payments may rise or fall accordingly. Benefits of this type of mortgage include the ability to pay off the whole loan amount without incurring any penalty fees and the option to move or change your mortgage product without the restrictions that may be attached to a fixed or discount rate mortgage.

Discount mortgages: With these products you will benefit from a discount from the Society's Standard Variable rate for an agreed period of time, the discount that you receive will depend upon your personal circumstances so check with your mortgage advisor to find out what product may be best for you.

If you are interested in a mortgage quotation including those offered by Chorley and District Building Society please complete our quick enquiry form.