In This Article
Who are Vernon Building Society?
The Vernon Building Society is a small building society based in Stockport, Cheshire that prides itself on offering a personal and customised approach to mortgage lending.
The building society was set up in 1845 and since its launch they have taken an individual approach to mortgage underwriting allowing them to be flexible to fit your needs.
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Vernon Building Society mortgages
Vernon Building Society offer a broad range of mortgages to their members and adopt a “can do” approach, meaning they can be willing to consider many of the scenarios that bigger lenders often avoid.
Their main residential and buy to let mortgage features include, manual underwriting, no credit scoring and generous affordability.
Residential mortgages
Vernon Building Society aim to help first time buyers, home movers and those remortgaging, their residential mortgage range includes:
- Later life lending
- Self-build mortgages
- Joint borrower, Sole owner mortgages
- New build mortgages
- Minor adverse credit mortgages
- Student mortgages – buy for Uni
- Interest only mortgages
Buy to let mortgages
Vernon Building Societies products are designed to help you achieve your investment goals, whether you are buying your first property or expanding your portfolio, their buy to let mortgage range includes:
Do Vernon Building Society offer cheap rates?
Vernon Building Society strives to offer competitive rates to the target market they aim to serve, which may be higher than other lenders due to their “can do” approach.
When looking at Vernon Building Society’s competitiveness, you need to consider all aspects of the mortgage product and your current and future situation.
Many people just look at the initial rate when deciding if a lender has a cheap rate. However, an expert mortgage advisor will review the total cost over the full term, including all fees and your future plans.
A mortgage advisor will review early repayment charges, whether the product is portable, can you overpay, will a product transfer be available at the end of your initial rate and so on.
Can I switch my Vernon Building Society mortgage rate?
If you are an existing customer of Vernon Building Society, you may be able to switch your rate if you are within a few months of your initial deal ending.
Are you still within your initial product term? If so, you may need to pay an early repayment charge.
If you are looking to move house your mortgage may be portable to the new property.
To switch your rate, you could either speak to Vernon Building Society directly or arrange for a mortgage broker to do this for you.
An independent mortgage advisor can advise you on all products available in the whole 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 Vernon Building Society?
The time it takes to get a mortgage offer from Vernon Building Society can differ on a case-by-case basis. However, the average time from application to offer is approximately 4 weeks.
A mortgage advisor experienced in working with Vernon Building Society can often speed up the time to offer compared to going direct as they know the process, the documents that are required and may already have established a relationship with the underwriting team.
What to do if Vernon Building Society decline a mortgage application?
If you have been declined a mortgage from Vernon Building Society, you should first ask what the reason was, then speak to a mortgage advisor to find another lender.
An expert mortgage advisor understands which lender is best suited for different situations, such as adverse credit, complex income, or any specific criteria about your situation or the property.
If you are worried that you may have adverse credit and would like to check your credit profile, you can use Experian, Equifax, Transunion, or Check My File, which offers a free trial.
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Conclusion
The Vernon Building Society is a small, Stockport-based building society that offers a personal and customised approach to mortgage lending, with a broad range of mortgages and a competitive rate.
The Society was established in 1845 and takes an individual approach to underwriting, which allows for greater flexibility to fit your needs.
If you are an existing customer of the Vernon Building Society, you may be able to switch your rate if you are within a few months of your initial deal ending. However, if you are looking to move house, your mortgage may be portable to the new property.
An independent mortgage advisor can advise you on all products available in the market and find the best option for you.
If you would like to speak to a mortgage advisor in order to get the right mortgage deal for you, please fill out the form below and I NEED ADVICE will put you in touch with a mortgage advisor who can review the entire market and recommend the best mortgage for you.
They are experienced, which can boost your chances of being approved.
