History

The Beverly Building Society was originally founded back in 1866 and is therefore one of the UK's most historical building societies. The Society is located in the town of Beverly and there has only ever been one branch, except during 1998 to 2009 when there was a second location in Pocklington. It is the 50th largest building society and is a major financial institution in Beverly, serving the residents for generations.

The Beverly Building Society focuses most of its products around mortgages and savings vehicles. And although most of the customers reside in the East Riding of Yorkshire, their products are available nationally, so their reach is expanding all the time.

Their mandate is to provide longstanding and reliable, professional and friendly service and with their focus being contained to two main specialty areas, they are able to offer flexibility and individualized attention to their customers.

During the Beverly Building Society's recent Annual General Meeting, it was announced that the past year has been a very successful one for the Society, declaring that profit figures have now returned to the 2006/2007 levels. They have managed to weather the recent global economic crisis and they continue to show improvements in capital and efficiency levels - which is all good news for their clients.

At the same time, the Society announced new lower Fixed, Discount and Tracker rate mortgage schemes following no increase in the Bank of England Base rate during that month. They also announced that they are very committed to remaining competitive in today's difficult times and therefore they are offering new products to First Time Buyers, Home Movers and Remortgage customers.

Remortgages offered through Beverly Building Society

The Beverly Building Society offers the following types of remortgage options:

• Offset
• Standard Variable Rate
• Tracker
• Discount

The society will consider a maximum mortgage of up to 90% of the purchase price or valuation whichever is lowest. You can apply online or via the telephone or at their branch.

An Offset Saving Facility is available on all of the Society's mortgage products. For this product you are required to open at least one offset savings account and you can have up to 75% of your loan held in that account. The balance on your savings will be offset against the balance on your mortgage resulting in interest only being charged on the net amount borrowed. For example if you had savings of £10,000 and a mortgage of £100,000; although no interest would be paid by the Society on your savings you would only be charged interest on £90,000 of the mortgage.

The Standard Variable Rate mortgage rate is determined by the Society's standard variable rate for the life of the mortgage. There is no completion or arrangement fee. There is no early repayment charge.

The Tracker mortgage tracks the Bank of England base rate and the mortgage rate will be set in accordance with that for 3 years. After that term is expired, the rate will go back to the Society's standard variable rate. There is no completion fee. An early repayment charge for the tracker period will apply. Then you can repay up to 10% of the balance of your mortgage each year without any additional charge.

The Discount mortgage rate is set at a discount off the standard variable rate for 2 years. When the discount period has expired, the rate will go back to the Society's standard variable rate. A completion fee is payable. If you want to repay the whole mortgage during the discount period then an early repayment charge will apply. However you can repay up to 10% of the balance of your mortgage each year without any additional charges.