Which is best for mortgages? Bank or Building Society?

marsdend

Hi,

Please can someone tell me which is best for mortgages, A bank or building society?

I am currently with Natwest but considering moving to Cumberland.

Dan

[Deleted User]

As a result of the credit crunch, there are not many major players in the mortgage market at the moment. It is pretty much just the major banks and the Nationwide Building Society. I would simply say that you should go where you can get the best deal to suit you.

marsdend

CR10 wrote: »

As a result of the credit crunch, there are not many major players in the mortgage market at the moment. It is pretty much just the major banks and the Nationwide Building Society. I would simply say that you should go where you can get the best deal to suit you.

Thanks for the reply, which one would i be more likely to get a mortgage from?

camper_1982

I tried with a building society, but the amount they would lend us was alot less than with a main bank. We didnt want our maximum, so we tried with the building society, but they rufused after two weeks of the application and reduced the amount they would lend. Went to a bank and have a higher affordability with them by 40k, so hoping it should all be ok.

dunstonh

Please can someone tell me which is best for mortgages, A bank or building society?

There hasnt been any difference for around 20 years when legislation changed allowing them to compete with each other. The old handicaps that were in place were removed.

Dan_1976

It should be better with a BS but it does not work that way. Rules have changed and many BS' are trying to be banks, spoiling what was a good thing.

If you do go for a small BS you may find your mortgage account being sold. I would stick with a top 3 or 5 BS or a major bank.