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The Lambeth Building Society |
The Lambeth Building Society was established in 1852. It is an independent and mutual organisation. It does not have shareholders to pay dividends to, so it aims to build on its accumulated success for the benefit of both its members and the local community.
The Lambeth has three different types of mortgage:
Fixed: this is combined with a shared ownership mortgage, which is buying a property in partnership with a registered housing association. The borrower purchases at least 25% of the property and the housing association purchases a maximum of 75%. Your rate is set for a fixed period of 2 years. It then converts to the Society's standard variable rate for the remaining mortgage term.
- An early repayment charge will apply for this type of mortgage
Discounted: your rate will be set at a discount for an agreed period, which once finished the rate will convert to the Society's standard variable rate
- An early repayment charge will apply for this type of mortgage
Options for this type of mortgage product include:
- Shared Ownership Mortgage
- Let to Buy
- Right to Buy
- Keyworker & Homebuy
- Re-mortgage
Tracker: your mortgage rate at first will be set according to the Bank of England base rate for an agreed interval. The Lambeth has tracker rate mortgages for 2 and 5 years. Once this period has concluded your mortgage rate will then convert to the Society's standard variable rate.
- An early repayment charge will apply for this type of mortgage
- All of the Lambeth's mortgages are available for terms up to 40 years
- The repayment options can either be interest only or capital repayment
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