Voted Best Local Building Society 2016 by Mortgage Finance Gazette, Beverley Building Society only has one branch but their financial products are available nationally. If you think they could be a good match for your borrowing needs, it is worth checking out what they have to offer.
Compare Beverley Building Society mortgages
Whether you are a current or prospective homeowner, Beverley Building Society may be able to help you with your borrowing needs. They offer secured borrowing for several different reasons to suit different customer demands.
Beverley Building Society offer standard homeowner mortgages up to 90% of the market value of a property being purchased. All of their mortgages offer variable interest rates, but they currently offer discounts on the first 2 or 3 years of interest payments, depending on the type of mortgage selected.
Remortgaging with Beverley Building Society
If you need to increase your borrowing or think you can get a better deal by switching your mortgage, remortgaging can be an attractive option. The same maximum threshold of 90% of your property’s market value applies as for a standard mortgage, as does the option for a 2 or 3 year interest rate discount depending on the mortgage deal you apply for.
Second charge mortgages
If you need to borrow more, but already have a good deal on an existing mortgage, if can be more cost-effective to take out a separate, second charge mortgage. This allows you to take out an additional loan secured against your property and your total secured debt still cannot exceed 90% of the property’s market value.
Loan to value ratio
One of the key things mortgage providers look at when deciding how much to lend to a prospective borrow is how much they want to borrow versus the value of the property in question. This is referred to as a loan to value (LTV) ratio.
For example, if a borrower wanted to take out a £50,000 mortgage on a £100,000 property, they would have a LTV of 50%. This is relatively low, making the mortgage less of a risk for the lender, so they are likely to offer a lower interest rate.
If the same homeowner later wanted to remortgage and borrow an additional £25,000, this would put their combined debt up to £75,000 giving them an LTV of £100,000. At this is a bigger risk for the lender, they are likely to charge a higher interest rate.
Find the best deals on mortgage rates
Our mortgage calculator takes the hassle out of finding the best deals on mortgage. All you have to do is specify how much you want to borrow, how long for, the reason for borrowing and a few other basic details. The calculator will then show you the top deals we have sourced from lenders across the market that match your requirements. Head to the top of the page to try it out.