Small But Perfectly Formed – Barnsley Building Society

by Mark Johnston

Barnsley Building Society has a long history dating back to 1853. Originally named the Barnsley Permanent Benefit Building Society, the society first operated form an office above a grocers shop before moving to larger offices . The Barnsley became incorporated under the Building Societies Act of 1874.

On 31st December 2008 the Barnsley merged with Yorkshire Building Society, the UK’s third largest building society. Following the merger the Barnsley has retained the Barnsley Building Society brand and currently has eight branches.

The Barnsley building Society has a small range of mortgages on offer including fixed rate mortgages and a Bank of England base rate tracker.

Then Barnsley Building Society’s 2 year fixed rate mortgage comes in two options. The first has a minimum deposit of 25% and a minimum loan size of £25,000. Current interest rates are 3.79% for the next two years (until 31/05/12) after which it reverts back to the building society’s standard variable rate (SVR) of 4.99 for the remainder of the term. Overall cost for comparison is 4.9%.

The second of the two year fixed rate mortgages is a 15% deposit version for those with smaller funds available to them. The interest rate is 5.39% until 31/05/2012 after which the mortgage reverts back the Barnsley BS’s SVR of 4.99%. Overall cost for comparison is 5.3% APR.

For borrowers looking to fixed their rates for a longer period, Barnsley Building Society are offering two 5 year fixed rate mortgages. Again available in a 25% or 15% deposit version. The 25% version is 4.99% and 5.2% APR. Whilst the 15% version is slightly more due to the reduced deposit at 5.89% APR 5.6%.Both revert to the standard variable rate of 4.99% after the 5 year term.

Finally, the Barnsley building society is offering a 2 year Bank of England tracker. A Bank of England tracker, follows the base rate at a certain percentage above or below. The mortgage is available in two options. The first requires a 25% deposit and tracks at + 2.34% for the next two years. With the BoE base rate currently at 0.5%, this tracker is works out at 2.84% APR 4.8%.

The second tracker only requires a 15% deposit but tracks the Bank of England rate at +4.04% so current works out at 4.54%. Remember that the base rate is at a record low. If the base rate increases so will your rate. For example, an increase from 0.5% to 2% would take the 15% mortgage from 4.54% to 6.04%

The Barnsley Building Society is a small but committed provider working with existing and new customers to provide them with the lending they need. If you want any further information visit them at their website or call 0845 1200 898

Story link - Small But Perfectly Formed – Barnsley Building Society

Related stories to : Small But Perfectly Formed – Barnsley Building Society