The Loughborough
The Loughborough
ABOUT The Loughborough BS
The Loughborough was originally formed in 1867 by a group of businessmen who ran the Society for the benefit of the community. For the first 66 years of its existence, the Society was run by the Cattell family from a Coal Merchants office.
From such humble beginnings, the Society has grown steadily, but has always remained very much part of the local community.
Today, the Society has total assets in excess of £200 million, and continues to aspire to being the number 1 provider of mortgages and savings for the East Midlands. The Loughborough remains committed to continuing as a mutual organisation.
The Loughborough aims to offer good value mortgages.
It believes that remaining as a mutual organisation, without the additional cost of external shareholders, is the best way to ensure the Society continues to grow and prosper.
The Loughborough has a range of mortgage products:
- Fixed Rate
- Discounted
- Flexible
- Standard Variable
- Commercial
| The Loughborough Mortgage Products |
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Fixed Rate: this mortgage is set at a fixed interest rate for the first 3 years. The mortgage then reverts to the Society’s standard variable rate. Overpayments are allowed during the fixed rate period but an early repayment charge may apply if you want to repay the full loan. Other features include:
If you want to re-mortgage at any stage the Society will pay for your legal fees. A higher lending charge may apply if you are borrowing more than 90% of the property.
Discounted: the Loughborough have two types of discounted mortgage – one for 2 years and one for 3 years. The discount is set off the standard variable rate for the agreed amount of time (depending on which product you choose). After the discounted period has finished the rate will revert to the Society’s standard variable rate.
Overpayments are allowed during the discounted rate period but an early repayment charge may apply if you want to repay the full loan. Other features include:
If you want to re-mortgage at any stage the Society will pay for your legal fees. A higher lending charge may apply if you are borrowing more than 90% of the property.
Flexible: this product is called the Flexi-Life Discount and the mortgage is set at the Society’s standard variable rate less a discount for the full term of the mortgage. An early repayment charge may apply if the loan is repaid in full within the first 12 months. Overpayments are allowed though. Other features include:
If you want to re-mortgage at any stage the Society will pay for your legal fees. A higher lending charge may apply if you are borrowing more than 90% of the property.
Standard Variable rate: the mortgage is set at the Society’s standard variable rate for the full term of the mortgage. An early repayment charge may apply if the loan is repaid in full within the first 12 months. |
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Commercial Mortgages: these are available to both companies and individuals. The maximum loan is set at 75% of the property’s value. The Loughborough has Interest only mortgages and Repayment mortgages. The rate is set according to how the money will be repaid and how long the mortgage term is.
If you are interested in a mortgage quotation including those offered by The Loughborough please complete our quick enquiry form.
Buy to Let: the rate is set just above the Society’s standard variable rate for the term of the mortgage. An early repayment charge may apply if the mortgage is repaid in full within the first 5 years. The maximum loan is 75% of the property being purchased.
An arrangement fee is applicable. The mortgage can be in the form of an Interest only or Repayment mortgage.
Discount Buy to Let: this mortgage is set at a discount off the Soceity’s standard variable mortgage interest rate for the first 2 years. After the 2 year period the rate will revert to the Soceity’s prevailing standard variable mortgage interest rate. An early repayment charge will apply if the loan is repaid in full within the first 2 years. The maximum loan is 75% of the property being purchased.
If you want to re-mortgage at any stage the Society will pay for your legal fees. |
| Current Loughborough Mortgage Offers |
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