View more on these topics

Independence still key to societies, says Stafford Railway

Despite a recent flurry of building society mergers, independence is key to the future, says Stafford Railway.

Mike Heenan, chief executive at Stafford Railway, says: “We have already seen agreement for three mergers this year, with some deals seeing larger societies swallowing up smaller players.

“With speculation of rising costs and shrinking margins, industry commentators have suggested that mergers are inevitable if the majority of building societies are to survive.”

Heenan disagrees with this point and is adamant that building societies can maintain independence and protect member interests as long as they are well managed.

He adds: “A simple, competitive, member focused approach and prudent
management have been core to our ethos and proved highly successful in our 129 year history.”

“We already have an effective strategy in place and one that works. This will not change on the back of industry speculation or in relation to recent trends. Our members can remain confident. Maintaining independence and their interests feature prominently in our long-term plans.”

Recommended

Pink and Savills team up with overseas proposition

Pink Home Loans has teamed up with Savills Private Finance to offer an overseas proposition to its customers.Buying a property abroad is no longer seen as something just for the well off and the overseas market holds great potential, not only for the buyer but also the intermediary. Intermediaries will be required to complete a […]

SPML extends refund offer

Southern Pacific Mortgage Limited has extended its offer by which new applicants can qualify for a refund of one month’s mortgage payment.

Affordability under scrutiny

Affordability was once again in the spotlight last week after Fitch Ratings highlighted the lack of a market standard and the varied ways in which lenders calculate it. The credit rating agency under- took research into the increasingly sophisticated methods that lenders are adopting to assess borrowers’ ability to meet their obligations in the sub-prime […]

Future waives completion fees

Future Mortgages is waiving completion fees on all core products. The offer will save customers up to 650 on discounted mortgages and up to 850 on fixed rates, and is open until September 1.

How to balance bottom-up with top-down research in constructing multi-asset credit portfolios

In this short video, Azhar Hussain, head of global high yield at Royal London Asset Management, explains how his team balance bottom-up with top-down research in constructing multi-asset credit portfolios. Watch the video in full The value of investments and the income from them is not guaranteed and may go down as well as up […]

Newsletter

News and expert analysis straight to your inbox

Sign up