Compare all the mortgage deals and rates on offer today from the Barnsley Building Society. See the whole Barnsley BS product range and compare rates and offers from buy to let, tracker mortgages, fixed and variable rate. Use the comparison tool to change the results to meet your needs.
Products: Mortgage Lenders
Welcome to our brief guide to Barnsley Building Society Mortgages. This is a brief overview of the lender, and a more in depth description of the features, products and services it provides. According to its website, the lender offers exceptional customer service, and is also famed for its award winning mortgages. So what, exactly, can customers looking to buy a home expect with Barnsley Building Society mortgages? Let’s take a closer look.
The Barnsley Building Society was established way back in 1853, primarily to offer its members the opportunity to borrow loans, take out mortgages, and put away their savings. Today, it is still a ‘mutual’ organisation that is the 34th biggest building society in the entire country, but known as the Yorkshire Building Society. Customers can access the Yorkshire Building Society from 230 different branches in the UK, and they offer a large range of products.
Yorkshire Building Society have several different types of mortgage: Fixed rate, Offset, Tracker and Discount.
With the fixed rate mortgage you enjoy a fixed rate of interest for the first five years of the loan. Once that period is complete, you will be put on a variable rate for the rest of the mortgage term. There are a few requirements when it comes to taking out a Yorkshire Building Society mortgage. There will be an administration fee, and you will have to pay an early repayment fee over the first five years. It is a portable product, and you may have higher lending charges depending on your financial situation, and the loan is available for both mortgage and re-mortgages.
Offset mortgages let you combine your mortgage and savings account, which could help you pay off your loan sooner, or at the very least, reduce your monthly mortgage repayments. Instead of earning interest on your savings, you get to lower the amount of interest on your mortgage.
Tracker mortgages are a little different. With one of these products, your interest rate tracks the Bank of England Base Rate. When the base rate falls, so do your interest repayment. When it rises, so will your rates.
Finally, Yorkshire’s Discount mortgage - called a Discounted Standard Variable Rate Mortgage - gives you a loan where the interest goes up or down in accordance to a Standard Variable Rate - SVR. Essentially, it’s entirely opposite to a fixed rate mortgage where the rate remains the same amount over a defined period. If the SVR goes down, you could save money on lower interest and monthly payments. But it is also a gamble, because if the SVR rises - so will your interest rate repayments.
Yorkshire Building Society, formerly known as the Barnsley Building Society, offer a good selection of mortgage products to a huge range of customers in the UK. Alongside its services in savings accounts, Insurance, and Life Planning, the Yorkshire’s range of financial products help you invest in your future, protect your money, and get your family the home of your dreams. You can find out more information on the Yorkshire Building Society website.