Mutuals ‘open for business’ as lending increases 50%
Gross mortgage lending by building societies and other mutuals increased by 50 per cent in September compared to the same period last year, according to the Building Societies Association.
In September 2013 mutuals advanced £3.7bn, an increase of £1.2bn in the ninth month of 2012.Mutuals have also experienced a 32 per cent increase in gross mortgage lending throughout the first three quarters of 2013 and now enjoy a market share just short of 25 per cent, compared to approximately a fifth this time last year.
Borrowing from a building society
Building societies tend to have an exclusive conveyancing panel consisting of firms with the prestigious Law Society’s Conveyancing Quality Scheme accreditation.
This means that should you apply for a mortgage with a building society and appoint a conveyancer who is not on its approved panel the lender will need to instruct its own solicitor. Not only is this likely to cause a delay to your purchase, there is a good chance you will incur additional costs; in short, you’ll have to pay two sets of legal fees - yours and the lenders.
Save time and money
As one of the UK’s leading national law firms, Goldsmith Williams is a fully fledged CQS-member. This means we are a preferred legal partner of lenders and can act for both you and your lenders throughout your transaction whilst charging you just one set of legal fees. Our conveyancing fees start from just £399^. Click here for a free online quote.
^Excluding VAT and disbursements
Content correct at time of publication