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Mercantile Building Society

Mercantile Building Society, now part of Leeds Building Society

ABOUT Mercantile Building Society

Mercantile Building Society is now part of Leeds Building Society.

Mercantile Building Society was established in North Shields in 1875 and today has a network of 12 branches and 7 agencies throughout Northumberland, Tyne & Wear and County Durham.

Mercantile is a mutual society and does not have any shareholders only members. It is committed to remaining mutual and helping people to save, invest and buy homes.

Mercantile has a mortgage guide which explains the issues you should consider when you take out a mortgage, such as which product to choose, how much you can borrow and the various repayment methods it offers.

It also details the costs involved in taking out a mortgage other than the actual loan itself. Mercantile will lend up to 75% of the property value outside the North of England.

Mercantile have these types of mortgage:

Fixed Rate
Discount Rate
Buy to Let

Mercantile Building Society Mortgage Products

Their Fixed rate mortgage is set for a period of 3 or 5yrs and arrangement and completion fees are applicable. After the fixed set period your mortgage will switch to Mercantile’s standard variable rate. Interest is charged on a daily and not annual basis. Mercantile’s fixed rate mortgages have different early repayment charges. Fixed rate mortgages mean you know exactly what your mortgage payments will be during your agreed term regardless of interest rate rises. Discount rate mortgages are available on a 3 and 5yr basis. The rate of interest you will pay is low for an agreed amount of time and the rate of interest you will be charged for the remainder of the mortgage is calculated using their standard variable rate. This type of mortgage means that you can make lower payments in the early years of your mortgage. Again early repayment charges are applicable. Mercantile also have a lifetime discount mortgage. This means your mortgage is set at a permanently low rate but it cannot be transferred to another lender. The interest rate of Mercantile’s Buy to Let mortgage tracks the Bank of England base rate for three years. The rate of interest you will pay for the remainder of the mortgage is then calculated using the Mercantile’s standard variable rate. Interest is charged on annual basis. Should you be interested in a mortgage quotation including those offered by the Principality Building Society please complete our quick enquiry form.

Mercantile Building Society Mortgage Products

Their Fixed rate mortgage is set for a period of 3 or 5yrs and arrangement and completion fees are applicable. After the fixed set period your mortgage will switch to Mercantile’s standard variable rate. Interest is charged on a daily and not annual basis. Mercantile’s fixed rate mortgages have different early repayment charges. Fixed rate mortgages mean you know exactly what your mortgage payments will be during your agreed term regardless of interest rate rises.

Discount rate mortgages are available on a 3 and 5yr basis. The rate of interest you will pay is low for an agreed amount of time and the rate of interest you will be charged for the remainder of the mortgage is calculated using their standard variable rate. This type of mortgage means that you can make lower payments in the early years of your mortgage. Again early repayment charges are applicable.

Mercantile also have a lifetime discount mortgage. This means your mortgage is set at a permanently low rate but it cannot be transferred to another lender.

The interest rate of Mercantile’s Buy to Let mortgage tracks the Bank of England base rate for three years. The rate of interest you will pay for the remainder of the mortgage is then calculated using the Mercantile’s standard variable rate. Interest is charged on annual basis.

Should you be interested in a mortgage quotation including those offered by the Principality Building Society please complete our quick enquiry form.

Current Mercantile Building Society Mortgage Offers

Mercantile Building Society Mortgage News
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