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Chorley & District Building Society
The Chorley & District Building Society was founded in 1859 and has its headquarters in Chorley, Lancashire, England. It offers savings, mortgage, investment, loan, and insurance products. Due to the fact that it is a local mutual society, it is able to keep mortgage rates down and savings interest rates up.
Chorley offers six different mortgages for those purchasing a new home. The first of which is a discounted variable rate mortgage. They currently give a discount of 1.75% from the Standard Variable Rate for five years. After the five years, you will be thanked with a “loyalty discount” of .5% off of the SVR. They do charge application and early repayment fees. The second discounted mortgage offered by Chorley & District is what some call “stepped.” This means that the first year’s discount is the largest, and it is reduced by a percentage point each of the three years until the term (here, three years) is over.
Chorley’s full term tracker mortgage follows the Bank of England base rate minus .25% for the first two years, afterwards tracking the Bank of England’s base rate plus a certain percentage.
Chorley also offers two flexible mortgage schemes, and one standard variable rate mortgage. Their flexible mortgage schemes allow for daily calculated interest, payment holidays, over- and underpayment, as well as additional borrowing.
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.
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TODAY’S MORTGAGE RATES
| Loan Type | Rate | APR |
|---|---|---|
| Fixed | 5.6% | 6.9% |
| Tracker | 5.64% | 5.9% |
| Discounted | 5.7% | 6.9% |
| Capped | 6.05% | 7.2% |
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