NEW AREAS FOR BUILDING SOCIETIES

March 8, 2017 by in category Mortgage News with 0 and 0

With regulation increasingly driving lenders into non-traditional areas,
the building society sector is poised on the brink of huge changes this year,say experts

For instance Buckinghamshire Building Society was considering moving into regulated bridging, and that Saffron Building Society planned to offer unregulated bridging to property developers.

Previously it was announced that Skipton Building Society’s intermediary arm was introducing a bespoke proposition for larger-loan customers, and that some lenders are considering their stance on interest-only lending.

The experts are saying that the main reason involves the loosening of the rules by the Prudential Regulation Authority about what kind of lending societies could safely carry out, freeing building societies to look more at new areas.

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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