In This Article
About Swansea Building Society?
The Swansea Building Society is a building society based in Swansea, Wales. They are a regional building society covering Wales and England that was established in 1923.
The Society’s objective is to provide loans secured on residential property, particularly in the South Wales area, funded by personal savings deposited in a variety of savings accounts offered by the Society.
The Society is one of only three remaining mutual Building Societies in Wales and the only Building Society or Bank with its headquarters in West Wales.
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What mortgages do Swansea Building Society specialise in?
The building society manually underwrites all of their mortgages instead of using a computer to credit score. This means they may be able to be more flexible than high street banks on their criteria.
Swansea Building Society believe in a personal, tailored, and common-sense approach to residential and buy to let lending, their range includes:
Residential mortgages
- Self-employed mortgages
- Green mortgages
- Guarantor mortgages
- High income mortgages
- Interest only mortgages
- Lending into retirement
- Mortgages for medical professionals
- Mortgages for professionals
- Renovation mortgages
- Second home mortgages
- Self-Build mortgages
- Short term lending
- Small holding rural mortgages
- Mortgages for high-net-worth customers
Buy to let Mortgages
Are Swansea Building Society mortgage rates competitive?
Swansea Building Society aim to offer competitive mortgages to their target customers.
It is important to review the whole market to decide if their rates are competitive. An independent mortgage advisor can access the whole market, including intermediary only-lenders.
You should also review your current and future situation to decide if the mortgage with Swansea suitable. It’s important to check the initial interest rate, revert rate, fees charged, flexibility of the product and so on.
Can I change my rate with Swansea Building Society?
If you are an existing customer of Swansea Building Society and your initial rate is coming to an end, you may be eligible for a product transfer.
An independent mortgage advisor can help you with either transferring your rate or help you remortgage to another lender.
Independent mortgage advisors can advise on all products available in the market and find the best option for you, which may not be staying with your current lender.
How long does it take to get an offer with Swansea Building Society?
The average time it takes to get a mortgage from Swansea Building Society if normally around four weeks. However, this can vary on a case-by-case basis and the duration may be extended for more complicated deals, for example, due to bad credit, a non-standard property type, or complex self-employed income.
If you have been declined by Swansea Building Society, you may still be able to get a mortgage
If you’ve been declined a mortgage from Swansea Building Society, you should initially find out the reason why, then speak to a mortgage advisor as they could help you find another lender willing to give you a mortgage.
Expert mortgage advisors get to know lenders criteria, which is best suited for different situations, situations such as adverse credit, complex income, or any specific criteria about your situation or the property.
If you would like to know more about your credit profile you can utilise either Experian, Equifax, Transunion or Check My File, which offers a free trial.
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Conclusion
The Swansea Building Society is a regional building society based in Swansea, Wales that was established in 1923.
The building society manually underwrites all of their mortgages instead of using a computer to credit score. This means they can be more flexible than high street banks on their criteria.
The society aims to offer competitive mortgage rates to its target customers and specialises in a range of different mortgage products including self-employed mortgages, Green mortgages, guarantor mortgages, high income mortgages, interest only mortgages, lending into retirement, and mortgages for medical professionals and other professionals.
The average time it takes to get a mortgage from Swansea Building Society if normally around four weeks. However, this can vary on a case-by-case basis and the duration may be extended for more complicated deals, for example, due to bad credit, a non-standard property type, or complex self-employed income.
If you have been declined by Swansea Building Society, you may still be able to get a mortgage by speaking to an expert mortgage advisor who can assess your situation and find another lender willing to give you a mortgage.
Should you want to speak to a mortgage advisor to review your situation, please complete the contact box below, and I NEED ADVICE will find you with a mortgage advisor who can recommend the right mortgage for you.
They are experienced, which can boost your chances of being approved.
