We lend across the whole of mainland England & Wales. Some products may have postcode restrictions.

The Society’s Standard Variable Rate is currently 7.94%

The maximum we’ll lend to you will depend on your individual needs and circumstances and the terms of the mortgage product. You can use our mortgage calculator which is designed to show you how much you could potentially borrow, which products are available to you and how much your monthly payments would be.

Self employed applicants who have three years of accounts are eligible for our standard mortgage products.

For those who are employed we’ll consider any term of employment.

Yes, subject to the Right to Buy papers being in the applicants name.

No, however, the Society does offer joint borrower sole proprietor mortgage (JBSP) which allows additional people (non-owning joint borrowers) to be added to a mortgage while only the owner-occupier(s) (proprietors) are named on the deeds and therefore on the proprietorship register. The non-owning joint borrower will be ‘jointly and severally’ responsible for the mortgage payments and for obliging by the terms and conditions of the mortgage.

Yes

Residential Mortgages

Minimum: 18 years
Maximum: There is no maximum age to which we’ll lend.  As a responsible lender, we of course do need to consider the ability to pay the mortgage both at the time of application but also at the time when income may be reduced such as when in retirement.

Borrowing in Retirement Mortgages

Applications for Borrowing into/in Retirement products will only be accepted from applicants who are already over the age of 80, or whose required mortgage term will take them beyond age 80.

Buy-to-Let Mortgages

Minimum: 25 years
Maximum: 80 year

There are certain costs involved in taking out a mortgage:

Completion fee (where applicable)
This is a fee charged by the Society to cover the administration costs in arranging a mortgage. If you wish, you can choose to add this fee to your mortgage account (subject to loan to value limits). However, you should consider carefully before adding any fees to your mortgage as these will incur interest charges at the rate of interest applicable to your mortgage account.

Solicitor Fees
These fees will normally depend on the size of the property and will include a Land Registry fee, the solicitors own conveyancing fee plus other charges and expenses known as ‘disbursements’.

Higher lending charge

A Higher Lending Charge normally applies if you want to borrow more than 80% of the property’s value and provides indemnity insurance to protect the lender against any future loss if, for example, if you go into arrears with mortgage payments or your property is repossessed. The Higher Lending Charge will normally be provided free on our products.

Valuation Fee

Before we can make a lending decision, we’ll need to value your property. There are three types of valuation available:

Standard/Basic Valuation
This is a basic valuation of the property and is for the lender’s benefit only. It enables the lender to decide whether the property is suitable for lending purposes.

Homebuyers report
This report is a more detailed inspection of the property than a standard valuation. You’ll receive a report on the condition of the property, stating any repairs or defects that need attention.

Full Building Survey
This survey is the most comprehensive type of report and is a thorough and complete inspection of the property and its structure.

Search fee
If you’re buying a property, you will need to pay local search fees. A search provides information about your property and immediate neighbourhood, which may affect your decision to purchase the property. Your solicitor will normally arrange for these to be carried out.

Stamp duty is a tax payable by the purchaser of a property. It’s collected by the solicitor/conveyancer prior to the sale completing and is charged at various rates.

You can find the most up to date rate of stamp duty payable on the government’s Stamp Duty Land Tax webpage.

You’ll need to provide:

• Your last three month’s payslips and latest P60 or your latest accounts / SA302 documents if Self Employed
• Your last three months bank statements
• Your most recent mortgage statement
• Copies of your driving licence or passport.

If any additional documentation is required, we’ll let you know.

Capital repayment mortgage
This is most common repayment method which is also known as capital and interest or repayment. Your monthly mortgage payment is made up of part of the amount borrowed plus interest every month. Providing all of the monthly repayments are paid in full and on time, you’ll gradually pay off the entire mortgage.

Interest only mortgage
The monthly payments you make only cover the interest on the loan. At the end of the mortgage term you’ll still need to pay back the amount you borrowed via a suitable repayment plan e.g. (Endowment policy, ISA or Pension.)

Part and part mortgage
This is a combination of capital repayment and interest only. Part of your mortgage is on capital repayment which will be paid off at the end of your mortgage term. The other part is made up of interest only where you’ll need to ensure that you have a repayment plan in place in order to repay the amount you borrowed at the end of your mortgage term. 

If you move house, you may be able to transfer your current mortgage to your new house subject to meeting the Society’s lending criteria, and the completion of the sale of your existing property and the purchase of your new property take place on the same day, the Early Repayment Charge may be waived.  

If you take your mortgage with you to a new property, and there’s a delay between the sale of your property and the purchase of your new one, the Early Repayment Charges must be paid, however, if you can transfer your current mortgage to a new property within 180 days of that date, your ERC will be refunded in full.

If you only take part of your existing mortgage with you to your new property, you may be charged an ERC on the part that you don’t take with you.

Yes, the Society will carry out a credit search and this will show on your credit file.

If you have any questions phone our Mortgage Advice Team on 01509 631950 or email [email protected]

Construction types are really numerous and varied so if you’re in any doubt as to whether we will lend on a specific property, other than traditional brick and tile, phone our Mortgage Advice Team on 01509 631950 or email [email protected]

You can find out the balance on your mortgage account by calling us on 01509 631961 or by emailing us at [email protected]

Alternatively, if you plan to redeem your mortgage you’ll need to request a redemption statement.

The statement will be sent to the correspondence address registered on your account.

Yes, The Loughborough is committed to supporting the Armed Forces Covenant.

Opening an account is easy and you can do that in any of our branches or by post.

Simply download, print and complete the application form of the account you choose.  Then return your completed form, necessary identification and opening cheque to your preferred branch/agency or post it to Loughborough Building Society, 6 High Street, Loughborough, LE11 2QB. 

Cheques should be made payable in the name of the account holder.

For postal applications we’ll accept photocopy identification documents.

You should also read our General Terms and Conditions and the Financial Service Compensation Scheme Information Sheet.

Yes we do and you can find information about the scheme in the Financial Services Compensation Scheme Information Sheet here.

We’re required by law to check the identity and address details of all account holders and operators.  To do this we’ll ask you to provide documentation to verify your identity and address.  You can find the information about the types of documents that we need for this purpose in our guide, Proving your identity.

Yes, we require a completed and signed application form for each account you open with the Society, even if you’re transferring funds from an existing Loughborough account.

UK residents are able to open an account with us. There are age restrictions on some of our accounts and these are clearly marked in our product information.  

If you decide that your new account isn’t right for you, you can close it within 14 days of the open date without notice or penalty. However, this does not apply to accounts where the interest rate and term are fixed.

If you’re making a deposit by cheque, please make it payable to the person named on the savings account, do not make it payable to the Society. 

You’ll be able to withdraw against a cheque after six working days. Saturdays and Sundays don’t count as working days.

Since 6 April 2016, saving interest has been paid without the deduction of tax (Gross). However, you may be liable to pay tax depending on your income, for further details go to www.gov.uk and search Personal Savings Allowance.

Yes, we are currently accepting Cash ISA transfers from another provider. 

If you wish to transfer part or all of your Cash ISA or your full Cash JISA to The Loughborough from another provider, you’ll need to complete an ISA/JISA application form and an ISA Transfer Authority Form or JISA Transfer Authority Form. We’ll then communicate with your current provider to arrange the transfer.

Yes.  To transfer an ISA out of the Society you’ll need to check if the other ISA provider will accept a transfer and complete any forms that are required by them.  Your new ISA provider will then ask The Loughborough to transfer your account.

On receipt of your request, the Society will:

• Forward a cheque and a Transfer Out form to the new ISA provider.
• Write to you to confirm that the transfer has taken place
• Where applicable, update and return the passbook.

The Society will normally only require two working days’ notice to transfer an Instant Access ISA to another provider.

If we delegate any of our functions or responsibilities under this agreement to anyone else, we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions and responsibilities.

Yes and you can choose whether to transfer the whole or part of the balance in your ISA account to a new provider. If the transfer relates to subscriptions for the current year then the whole of those subscriptions must be transferred. Funds in an ISA from previous years can be transferred from one ISA manager to another in whole or in part.

You can download, print and complete a Change of Address Form and send it to:

6 High Street Loughborough, Leicestershire, LE11 2QB

Alternatively, you can contact us on 01509 631960 or email [email protected] and we’ll be happy to send a form to you.

You can download, print and complete a Change of Name Form and send it, together with  identification* in your new name and evidence of the name change** to:

 6 High Street Loughborough, Leicestershire, LE11 2QB

Alternatively, you can contact us on 01509 631960 or email [email protected] and we’ll be happy to send a form to you.

*We’ll require one of the items from List A in our Proving you Identity leaflet

**Marriage Certificate, Decree Absolute or Deed Poll Certificate (as appropriate)

Copies of identification documents will be accepted if they’re certified by a solicitor, banker, authorised financial intermediary, FCA regulated mortgage broker, accountant, teacher, doctor, minister of religion or postmaster/sub C postmaster.  The person undertaking the certification must be available for contact by the Society either by telephone or in writing.  Please ensure that the appropriate contact details are stated on the identification.

When certifying a document, the following wording must be used: “I certify that this is a true copy of the original”.

You must inform us of the death of an account holder by providing us with the original or a certified copy of the death certificate. You can either post this to us at:

Loughborough Building Society

6 High Street

Loughborough

Leicester

LE11 2QB

Or hand it to one of the staff at your nearest branch or agency office.

Copies can be certified by a solicitor, banker, authorised financial intermediary, FCA regulated mortgage broker, accountant, teacher, doctor, minister of religion or postmaster/sub C post master.  The person undertaking the certification must be available for contact by the Society either by telephone or in writing.  Please ensure that the appropriate contact details are stated on the identification.

When certifying a document, the following wording must be used: “I certify that this is a true copy of the original”.

Upon notification of this, if the account is a sole account, it is suspended until the necessary Statutory Declaration/Grant of Probate is received. The account is then closed and the funds distributed accordingly.  In the case of joint accounts, the name of the deceased holder is removed from the account and it reverts to being a sole account.

We understand that registering the death of a loved one can be a difficult time and there’s a lot to do. There’s a useful service called Tell Us Once which lets you inform most government departments about the death all at the same time. 

A Lasting Power of Attorney or an Enduring Power of Attorney where the donor doesn’t have mental capacity, needs to be registered with the Office of the Public Guardian before we can register it on an account.  You can find more information about this here. 

Once the Power of Attorney has been set up it can be registered with us to open a new savings account or to start managing an existing one.  We’ll need to see the original Power of Attorney document or a certified copy.  

Photocopy documents can be certified by an appropriate person such as a solicitor, accountant, bank or building society official or other financial services approved person and sufficient information must be provided to enable us to contact that person. We’ll also need identification for the attorney/s.

Visit us in branch or call us on 01509 631960 to discuss your individual needs, we’ll be happy to help.

You may also find this leaflet useful as it provides guidance on managing an account for someone else.

You can view our current and previous saving interest rates online or in any of our branch/agency offices.  Alternatively if you email [email protected] or telephone 01509 631960 we’ll be happy to send you a leaflet.

When interest rates change, and the change is a reduction, you’ll be given at least 14 days’ notice of any interest rate changes on your account before they become effective.

Where the change is an increase, we’ll update our website and branch notices.

We’ll also provide a summary of rate changes throughout the year within our Annual General Meeting communication sent to Society members each January.

Our current savings rates are available can be found on our current savings rate leaflet.

When you pay money into your account by cheque, interest is payable from the next working day and cash payments earn interest from the day of receipt. The total balance of your account will continue to earn interest up to and including the day before any funds are withdrawn.

You can make withdrawals in person at a branch using your passbook (withdrawals are not permitted without a passbook).

Requests for cheque withdrawals and CHAPs transfers can also be processed in Head Office. Please complete a Withdrawal form and send this with your passbook.

Yes you can. You’ll need to download and complete a standing order form. Alternatively you can request one by emailing [email protected], visiting one of our branch or agency offices or telephone 01509 631960 and we’ll be happy to help.

For wages or credits into your account, please use sort code 30-00-80, account number 01781004 and ensure your Loughborough account number is quoted as the reference.

You can withdraw up to £500 in cash per day or £99,999 by cheque per day from any of our branch or agency offices. Larger amounts of cash, up to £2,000, and cheques over £99,999 are available provided you give at least 24 hours’ notice.

The passbook must be produced at the time of the withdrawal and you can’t withdraw against a cheque receipt until 6 working days after the date of deposit.

There is no limit to the amount of funds that can be withdrawn by cheque from Postal accounts.

If you lose your passbook, you must contact the Society as soon as possible to inform us and we’ll register your passbook as lost/stolen. A warning will be placed on your account which prevents any withdrawals being made until a lost passbook form has been completed and you’re issued with a new passbook and account number.

There are no fees for the general operation of your account however, there are other charges we may make. You can find this information in our Tariff of Charges.

We’ll only send you a statement of account annually if you don’t have a passbook recording the transactions on your savings account. 

A Section 975 statement shows the total interest paid on a savings account during a tax year (6th April to 5th April).  Generally you’ll only need a 975 statement if the interest you earn is more than your Personal Savings Allowance.

To request a 975 statement please call us on 01509 631960 or email [email protected] and we’ll post one to you.

All accounts, other than our Deposit Accounts, are share accounts and so account holders are members of the Society.

Members are eligible to vote at our Annual General Meeting if they are the first named on a share account and have more than £100 in the account, or are a first named borrower with more than £100 outstanding.

Charitable Assignment was set up in 2000 and means that for customers who joined the Society since it was introduced, any windfall payment in the event of demutualisation would be paid to the Charities Aid Foundation. Details can be found on Savings application forms.

The introduction of a new Personal Savings Allowance means that from 6 April 2016 most people will no longer pay tax on their savings income.

The allowance is £1,000 for basic rate taxpayers and £500 for higher rate taxpayers (there is no allowance for additional rate taxpayers).  Interest from ISAs doesn’t count towards your Personal Savings Allowance because it’s already tax-free.

You can find more information at https://www.gov.uk/apply-tax-free-interest-on-savings

At the Loughborough we’re committed to providing our members with the best possible service.  However, we recognise that there may be occasions when you feel that we haven’t met your expectations.  Should you wish to make a complaint our guide has all the information you need.

If you would like to close your account you can do this by visiting a branch/agency or by post.

• If you have a passbook we’ll need to see that.
• If you choose to close your account by post we’ll also need a signed letter from you confirming this.
• If you haven’t used your account for 3 years we may need to ask you for identification, you can find details of the types of ID we can accept here.

Cash is only available in branch/agency and subject to our daily limit of £500, withdrawals over £500 require 24 hours’ notice. For our members’ security, the maximum amount of cash that can be withdrawn on any one day is £2000.

Cheque withdrawals up to £99,999.99 can be done immediately, for £100,000 and above we’ll need 24 hours’ notice.

You can choose a telegraphic transfer however there is a charge for this option, you can find more details in our Savings Tariff of Charges.

You can find out if you have an account with The Loughborough or with any other bank or building society by using this free government service www.mylostaccount.org.uk