Loughborough Building Society Mortgages

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Last updated on 18 March 2021.

Loughborough Building Society Mortgages FAQ

Who are the Loughborough Building Society?

The Loughborough Building Society is a financial services provider based in Loughborough, Leicestershire. The society has a long history, being founded in 1867 by local businessmen. It was established as one of the 19th century’s ‘permanent’ building societies.

The society offers a range of financial products including mortgages, savings accounts, insurance policies and life planning products.

What types of mortgages are available from Loughborough Building Society?

You can see a list of Loughborough Building Society mortgages in our comparison table above. With this table, you can easily filter mortgages to arrange and compare them, to identify which mortgage might be right for you.

Their mortgage offering at any time may include:

  • Variable rate mortgages
  • Fixed rate mortgages
  • Self-build mortgages
  • Buy-to-let mortgages
  • Borrowing into retirement mortgages

How much can I borrow with a mortgage?

First things first - each lender has different lending criteria for mortgage lending, and this extends to individual mortgage products.

As such, Loughborough Building Society lending criteria will differ from other provider’s lending criteria and might differ from mortgage to mortgage.

When assessing whether they are willing to lend to you, lenders used to simply multiply your income by five to determine your maximum borrowing amount. These days, the way providers assess your creditworthiness is much more complicated. Providers have to assess whether you can afford to make mortgage repayments at the current interest rates, and if they rise by 6-7%.

To this end, providers will undertake a financial assessment - this includes checking not just your salary but taking into consideration any debts you have and reviewing your regular monthly spending.

Typically, during your application, mortgage providers will look at your spending habits for the last 3-6 months. They will want to understand your regular outgoings, including: utility bills, grocery spend, transport cost, childcare costs and money spent on socialising and on entertainment, such as dining out.

Understanding Loughborough Building Society mortgage lending criteria before you apply will help you prepare your application, so that it’s more likely to be received positively. Therefore, before applying for a mortgage, ask your prospective provider what their lending criteria is.

How do Loughborough Building Society reviews stack up?

You can see what their customers say on the society’s website. Reading customer reviews is an important part of the online shopping experience. This is especially the case, when researching financial services products and mortgages are the most significant financial commitment that the majority of adults ever make.

Customer reviews can help you to understand whether the services an organisation offers are of a high standard. You will also be able to glean the quality of the customer service provided. Additionally, you might relate to some of the experiences of other mortgage applicants and find some useful advice on how to proceed.

Services offered by this provider may change over time. Always check Ts&Cs.

NerdWallet has selected Koodoo to provide you with this information-only online comparison service on a non-advised basis. NerdWallet will receive a share of the commission that Koodoo earns from the lender or from our partnered broker, Fluent Mortgages.

Koodoo is the trading name of Mortgage Power Limited, which is authorised and regulated by the Financial Conduct Authority (FRN 845978), and is a registered company in England and Wales (company registration number 10978680), with a registered address at Scale Space, 58 Wood Lane, London, W12 7RZ

Fluent Mortgages Ltd is authorised and regulated by the Financial Conduct Authority (FRN 458914), and is a registered company in England and Wales (company registration number 10978680), with a registered address at 102 Rivington House, Chorley, New Road, Horwich, Bolton, BL6 5UE