Cheshire Building Society

The Cheshire Building Society was founded in 1870 and has its headquarters in Macclesfield, England. They have over 700 employees, making it the 11th biggest building society in the UK, who strive to provide quality savings, mortgage, investment, loan, credit card, and insurance products.

The Cheshire Building Society offers several kinds of mortgages, including: fixed rates, discounts, trackers, and buy to let; as well as plans for those wanting to re-mortgage, first time buyers, those with adverse credit history, those needing self-certification, shared ownership schemes, or commercial concerns. Most of their mortgages have an application fee, of which only a small amount needs to be paid upfront. The remaining cost can be added to the amount of your loan.

The Cheshire has three fixed rate mortgages for two-year terms. The offer with the higher upfront fee has a lower initial rate, and a third option has no initial fee. After the two years are over, the standard variable rate kicks in. They also have a three-year, a ten-year, and a 25-year fixed rate mortgage. They all have early repayment fees if the loan is paid back within the number of years for which there is a fixed rate, with the exception of the 25-year term. For the latter, there is only a penalty if the loan is repaid in full in fewer than 20 years.

The discounted mortgage offered by Cheshire gives you a certain percentage off of the standard variable rate for a period of two years, after which the standard variable rate applies. This is similar to a two-year fixed rate mortgage; however, the initial rate and fee are different.

Cheshire has two three-year base rate tracker mortgages. These loans’ rates track the Bank of England base rate for the three-year term, afterwards changing to the standard variable rate. One of the options has a fee, whilst the other doesn’t, and both have early repayment penalties.

Cheshire offers buy-to-let mortgages as well. They will take into consideration single properties, as well as portfolios with up to ten properties or that have a maximum value of ₤1,000,000 in mortgage. The plans are two- or five-year fixed rate or a three-year base rate tracker. All of these mortgages charge an initial fee and an early repayment penalty if the loan is repaid within the number of years for which is the initial term of the loan.

Cheshire Building Society also offers insurance plans that cover: home, mortgage payment protection, health and dental, and rental property. These insurance plans are offered in conjunction with other providers, such as Norwich Union or Royal & SunAlliance.

If you are in the market for a mortgage or insurance, use our tools on SimplyFinance.co.uk to find the best company and product for you, keeping in mind that this article should not be interpreted as financial advice or as a recommendation by SimplyFinance to use any individual service or to invest with any company advertised or mentioned.

Lower Your Mortgage