Yorkshire Building Society
Founded in 1864, the Yorkshire Building Society now has assets of £20 billion and is the second largest building society with 143 branches, 75 agencies and 2,300 staff across the UK. It has a traditional business model in terms of capital strength, high levels of liquidity and a solid retail funding base.
It is committed to mutuality and is determined to return real financial benefits to its two million members. Its purpose is to maximise long-term benefits for a growing membership.
As a building society the Yorkshire's focus continues to be on the traditional values of enabling people to buy their homes and providing a safe home for members' savings.
Mutuality
The Yorkshire is committed to remaining a mutual organisation and all of the benefits that it brings. Mutuality puts the customer back in control.
Building society members enjoy the protection of the Building Societies Act. As a result of the Act, the interests of all existing and future members must be taken into account when mapping out the Society's direction.
That forces the Society to constantly think about what's best for members not just today, but in the medium and longer term as well.
Mortgages
As of early 2010, The Yorkshire had a mortgage book of £15.6 billion and has 273,000 borrowers.
It offers mortgages specially tailored for first time buyers, mortgages for people moving home or wishing to change mortgage provider. It also offers offset accounts for people who wish to combine their mortgage and savings.
For the latest rates, you can compare deals on the right hand side of the page.
It has also strengthened its first time buyer range with the launch of a new member-exclusive mortgage for those with a smaller deposit (up to 90% LTV). The mortgage is available to first time buyers who have either been a Yorkshire member for over 12 months or who have a close family member or friend who has been a Yorkshire member for over 12 months.
The merger
Yorkshire Building Society saving and borrowing members, like the members of Chelsea Building Society, have voted in favour of the merger between the two societies.
Bringing the two organisations together will create a second major force in the building society sector and a competitive and secure alternative to the retail banks. The enlarged Society will have capital ratios amongst the strongest of any major UK lender, bank or building society and a secure funding base.
The merged Society will have 2.7million members, assets of £35bn and a national network of 178 branches.