Compare Mortgage Rates from Loughborough Building Society Against the Market

Loughborough Building Society, often known as "The Loughborough," is an independent, mutual building society founded in 1867. Based in Leicestershire, it has maintained its status as a member-owned institution for over 150 years, meaning it is run for the benefit of its customers rather than shareholders.

The society has built a strong reputation for its personal, manual approach to mortgage lending, often considering cases that automated systems at larger banks might reject. This review covers its mortgage products, service, and application process.

If you want to review the latest mortgage rates from Loughborough, you can use our free mortgage sourcing tool below to compare them against the rest of the market.

About Loughborough Building Society

As a smaller, regional building society, The Loughborough's operations are focused on providing a traditional, face-to-face service. It operates four branches in Loughborough, Derby, Long Eaton, and Anstey, as well as an agency in Southwell.

The society's core lending philosophy is based on manual underwriting. This means that every application is assessed individually by a human underwriter, not a computer algorithm. This flexible approach allows them to take personal circumstances into account, making them a popular choice for borrowers with more complex financial situations.

Mortgage Products

Loughborough Building Society offers a range of residential and buy-to-let mortgages for properties across England and Wales. Their specialist areas include:

• First-Time Buyer Mortgages: They offer products up to 95% Loan-to-Value (LTV), helping new buyers get onto the property ladder with a 5% deposit.

• Self-Employed Mortgages: The society is known for its flexible criteria for the self-employed. In some cases, they can consider applicants with just one year's worth of accounts, provided they have a track record in a similar employed role.

• Lending into Retirement: They offer specialist products for older borrowers, with the ability to lend up to an income multiple of 4.5x and no upper age limit, subject to affordability.

• Buy-to-Let Mortgages: They provide mortgages for landlords, with LTVs available up to 80% on some products.

• Self-Build Mortgages: They also provide specialist finance for individuals looking to build their own homes.

• Family Assist Mortgages: These products allow family members to help a relative get a mortgage.

Pros and Cons of a Loughborough Building Society Mortgage

Here is a balanced overview of the advantages and disadvantages of choosing The Loughborough for your mortgage.

Pros:

• Manual Underwriting: Every application is reviewed by a person, which is a significant advantage for self-employed applicants, contractors, or those with irregular income.

• Flexible Criteria: Their willingness to look at cases individually means they can often help where high-street lenders can't, particularly with lending into retirement or complex income.

• Excellent Customer Service: The society consistently receives high ratings for its personal, friendly, and helpful service.

• Specialist Niches: They are a strong choice for specific needs like self-build projects and high-LTV buy-to-let.

Cons:

• Limited Branch Network: Their physical presence is small and concentrated in the East Midlands.

• Potentially Slower Processing: The manual, in-depth nature of their underwriting can sometimes mean the application process takes longer than with a large, automated lender.

• May Not Be on All Comparison Sites: As a smaller society, their products are often found via mortgage brokers rather than on all major public-facing comparison websites.

Customer Service and Reviews

Loughborough Building Society has an excellent reputation for customer service, scoring 4.88 out of 5 on the independent review site Smart Money People. Customers frequently praise the "friendly," "helpful," and "professional" staff who provide a traditional, personal service that larger banks often lack.

While the vast majority of reviews are positive, a few recent comments have mentioned that processing times can be slow, which is a common trade-off for the benefits of manual underwriting.

How to Apply for a Mortgage with Loughborough

You can apply for a mortgage from The Loughborough in one of two main ways:

1. Directly: You can contact the society by phone or by visiting one of their branches to speak with a mortgage adviser.

2. Through a Mortgage Broker (recommended): The majority of The Loughborough's mortgage business comes through intermediaries (brokers). A broker can assess your situation, advise if The Loughborough is a good fit, and access their range of products on your behalf.

The process typically begins with an Agreement in Principle (AIP), which involves a soft credit check that will not affect your credit score. If this is successful, you will proceed to a full application, where a dedicated underwriter will review your case and supporting documents in detail.

Get started here to begin a free, no-obligation chat with a broker who specialises in Loughborough's product range and can compare it against every alternative for you.