The reign of the building society

Published: 15/04/2013

Latest analysis has revealed 83 per cent of the most competitively priced products are now offered by building societies.

Figures from Castle Trust found building societies are providing better deals in 33 out of 40 cases, compared to just 18 out of 40 in 2008.

Building society’s presence in the mortgage market has been steadily growing since its lowest share in 2009. According to the Building Societies Association mutuals advanced £2.5bn and accounted for 21.5 per cent of February’s market.

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. Contact our team for a personalised quote.

Content correct at time of publication

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