According to statistics from the Building Societies Association (BSA), more people chose to save with, or borrow from, a building society in 2013 than the previous year, with mutuals accounting for 18% of total residential mortgage balances in the UK.
Savings balances rose by a total of £6.7bn in 2013 throughout the building society sector, compared with £2.2bn in 2012 and £3.6bn was lent out to customers by building societies in 2013, an increase of 33% from the same period in 2012.
Ian Keeling, (left) Head of Sales and Marketing at Stockport’s Vernon Building Society said:
“The continued well publicised banking scandals demonstrate that shareholder-owned banks put their customers second to making profit so it’s no surprise that people are looking for alternatives. Our customers constantly tell us that they appreciate traditional values, a common sense approach and a personalised service that they no longer seem to get from their high street bank.”
Founded in 1924, Vernon Building Society celebrates its 90th anniversary this year and is the only local building society serving the Stockport and East Cheshire area. It has seven branches across the Stockport area and offers mortgages, savings and insurance.
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