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Yorkshire Building Society, the UK’s second largest building society, has reported another strong financial performance for the first six months of 2012. During the period the Group increased its lending to new borrowers and boosted existing borrower retention whilst strengthening its robust capital position and maintaining asset quality.
This positive performance in the first half of the financial year, together with the Yorkshire’s recent merger and acquisition activity, underlines its position as a strong and resilient independent financial mutual and reinforces members’ confidence and trust in the Group.
"The strong performance of the Group in the first six months of 2012 reflects our track record for adopting an ambitious but prudent approach to our business. Whilst the economic environment remains uncertain we are confident that the Group is very well placed to continue to grow and prosper, providing our members with a credible and secure alternative to the high street banks and an organisation in which they can continue to place their trust.
"Our activities remain focused on our members and the communities we serve and I am pleased that the Yorkshire is bucking the trend with investment in new branches and agencies. We are fully committed to retaining a strong presence on the high street, providing customers with access to a wide range of good value financial service products backed with the exceptional personal service they value. It is pleasing to report our strongest ever levels of customer advocacy across the Group, through the Net Promoter Scores. This is further evidenced by a recent increase in activity in our branches, with new customers opening savings accounts and switching to the N&P current account following the recent banking scandals, clearly recognising us as a credible alternative to our plc competitors. We have also continued to invest in our award winning internet and telephony channels, ensuring members can deal with us in whatever way they choose.
"Our purpose is to provide funding to enable people to own their own home and offer a safe home for those wishing to save. I am therefore proud that these results show an overall increase in our net lending, which we have achieved without changing our risk appetite, and growth in our retail funding which has been attracted at sustainable rates.
"Whilst we continue to operate in a period of change and increased regulation, we look forward with optimism to the opportunities which lie ahead. In particular, due to the importance we place on providing competitive mortgages, the Government’s proposed ‘Funding for Lending’ scheme looks very interesting and we are examining the detail to see if there is an opportunity for us to use this in our funding mix. We were also encouraged that the Treasury in its recent White Paper supported the building society sector, recognising the inherent differences between the mutual model and that of our plc competitors. In addition, we welcome the Government’s interest in different business ownership models and its desire to create a more diversified financial services market. We are keen to continue to contribute to these debates.
"Personally, it has been an amazing start for me as Chief Executive of the Yorkshire and it is a privilege to take this organisation forward, building on its strong legacy. I would like to take this opportunity to thank colleagues and members for their welcome and support."
Note 1: Comparison to Dec 2011 to reflect balances from merger and acquisition activity in the second half of 2011.
Note 2: Source – PressWatch Financial from Kantar Media.
Note 3: Source – Council of Mortgage Lenders for Q1, 2012 published 04 May 2012.
Note 4: Source – Satmetrix 2011 Net Promoter® Benchmark Study of Consumers in France, Germany and the UK.
Net Promoter Score refers to the net percentage of customers who, when responding to the question "How likely is it that you would recommend us to a friend or colleague? Would either strongly recommend or strongly detract from the organisation."
Note 5: Source – Financial Ombudsman Service for year ending 31 March 2012, including N&P figures from the date of merger (1 November 2011).
26 July 2012
Yorkshire Building Society is one of the largest building societies in the UK. We offer a range of financial products and services including: savings & investment accounts, insurance products, loans, mortgages and more.
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Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. We are entered in the Financial Services Register under registration number 106085.
Any reference on this website or in our literature to the Financial Services Authority (FSA) should be deemed to mean the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).