Beverley Building Society Mortgages
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Beverley Building Society Mortgages FAQ
Who are Beverley Building Society?
The Beverly Building Society, known as the Beverley for short, was founded in 1866, making it one of the UK’s oldest building societies. Due to its longstanding history, the Beverley has served generations of families in Beverley. Today, they serve the town of Beverley, in the East Riding of Yorkshire, as well as surrounding communities and the wider UK.
The Beverly Building Society offer transparent and value for money mortgage and savings products, while specialising in more niche mortgages too.
What mortgage products does Beverley Building Society offer?
Bath Building Society offer various mortgage products to landlords looking to purchase property. Typically, you will have a choice of the kinds of mortgages outlined below:
- Purchase mortgages
- Remortgaging deals
- Self-employed mortgages
- Self-build mortgages
- Later-life mortgages
- Interest-only mortgages
- Family-assist mortgages
- Unusual property mortgages
- First-time buyer mortgages
- Capital and interest repayment mortgages
What interest rates are available on their mortgages?
You will be able to see the interest rates currently available on Beverly Building Society mortgages above in our comparison table. You can compare their mortgages by both annual percentage rate (APR) and annual percentage rate of charge (APRC). It is important to emphasise the word currently, because, at some point on all mortgages, the interest rate payable will be subject to change.
For those taking out fixed mortgages, you will have an initial period during which your mortgage rate won’t change - this is called the initial mortgage rate. However, when this period expires (most often 2 or 5 years), you will put on the lender’s standard variable rate (SVR).
Each lender sets their own SVR. If your lender increases their SVR you’ll pay more interest on your mortgage; if they decrease it, you’ll pay less.
Scroll up to see current Beverley Society rates.
What are Beverley Building Society offset mortgages?
An offset mortgage means you can offset your savings against your mortgage. What this means is that you can reduce the interest you pay on your mortgage. This is done by offsetting your savings against the balance of your mortgage, you’ll only be charged the difference.
In essence, you are overpaying on your mortgage by placing holding funds in your offset savings account. As a result, you’ll make overpayments equivalent to the amount of offset interest.
The benefits of this are:
- The interest return on your savings can be higher than if they were placed in a regular savings account
- Your mortgage term will be shorter. Alternatively, if interest rates change during the mortgage term, repayments will be reduced, because they are determined by your mortgage’s outstanding balance which would also change
What are capital and interest repayment mortgages?
Capital and interest mortgages are a type of mortgage where your monthly payments are made up of capital repayments and interest payments. This is the most typical type of mortgage. Capital is the amount you borrowed in addition to the deposit you saved in order to buy your property. The interest is applied on top of the capital, which you’ll also repay monthly.
Services offered by this provider may change over time. Always check Ts&Cs.
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