Vernon Building Society Equity Release: What to Know in 2024

Vernon Building Society does not provide equity release products. Instead, they focus on offering a range of other financial services tailored to meet our customers' diverse needs, ensuring clarity and expertise in each interaction.
  • Last Updated: 17 May 2024
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  • Our team recently fact checked this article for accuracy. However, things do change, so please do your own research.

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Francis Hui
Are You Interested To Find Out About Vernon Building Society? Get the Latest Information on Offer, Including What Vernon Building Society Offers, Pros, Cons, Fees, and More! Read On...
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Key Takeaways
  • Vernon Building Society offers retirement interest-only mortgages to help over-55s manage their finances, allowing homeowners to maintain ownership and live in their homes without selling or relying on equity release.
  • With retirement interest-only mortgages, you pay only the interest, potentially reducing your monthly expenses.
  • Vernon not only offers tailored advice to integrate their mortgage products seamlessly into your retirement plans but also features savings accounts, offering secure and flexible ways to enhance your retirement funds.

Have you heard about Vernon Building Society, their financial services, and if equity release for over 50s is a product you can get from them?

We are here to help!

We have searched through all pertinent information about the recommended equity release companies and other alternatives so that we can bring you all the most credible facts about each.

In This Article, You Will Discover:

    Therefore:

    Who Offers the Lowest Rates in 2024?

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    Request a FREE call back & discover:

    • Who offers the LOWEST rates available on the market.
    • Who offers the HIGHEST release amount.
    • If you qualify for equity release.
    Vernon Society Home Equity Release

    NOTEEvery Investor is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of Every Investor only and may not reflect the views or opinions of Vernon Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Vernon Building Society.

    Who Is Vernon Building Society and What Services Do They Offer?

    Who Is Vernon Building Society?

    Vernon Building Society is a UK-based mutual building society that was founded in 1924 and is a member of the Building Societies Association.1

    Vernon Building Society is run for the benefit of it’s members; thus, any profit it makes is put back into the society for the members’ good.

    It is a reputable provider of savings and mortgage products and services.

    What Services are Offered by Vernon Building Society?

    The services that Vernon Building Society offers include mortgages and financial advice, among others.

    More services it offers:

    • Mortgages
    • Savings
    • Insurance
    • Financial advice
    • Online services

    What Makes Vernon Building Society Mortgages Stand Out in the Market?

    Vernon Building Society mortgages stand out in the market due to their commitment to personalised service, competitive rates, and flexible terms.

    Whether you’re a first-time buyer, or looking to remortgage, Vernon offers a range of mortgage products tailored to your needs, backed by exceptional customer support throughout the process.

    What Is Equity Release and Does Vernon Building Society Provide It?

    What is Equity Release?

    Equity release offers a way for people over 55 to access the financial value of their home without selling it.

    This financial strategy can provide extra cash to enhance retirement living, cover unexpected expenses, or manage existing debts.

    The process typically involves two options: lifetime mortgages and home reversion plans.

    In a lifetime mortgage, you secure a loan against your property, with the amount, plus interest, repaid from the sale of your home when you pass away or enter long-term care; in contrast, home reversion entails selling a part of your property to a provider in return for a lump sum or regular income, while retaining the right to reside there.

    Learn More: What Is Equity Release?

    How Does the Equity Release Process Work?

    Releasing equity involves a straightforward process.

    Firstly, they set up a consultation with a financial adviser who assesses your circumstances and explains the available options, including lifetime mortgages and home reversion plans.

    The adviser will clarify the potential impacts on your estate and eligibility for means-tested benefits, ensuring you make an informed decision.

    Once you’ve chosen an equity release plan, they will process the legal paperwork and valuation of your property.

    The time this takes can vary, but rest assured, they endeavour to make it as swift and stress-free as possible.

    After the property valuation and legalities are sorted, the agreed equity is released as a lump sum or regular income.

    Does Vernon Building Society Offer Equity Release or Lifetime Mortgages?

    No, Vernon Building Society does not offer equity release.

    However, it does offer a retirement interest-only mortgage for later-life lenders.

    How Can Vernon Building Society Support Your Mortgage Needs?

    Why Should You Choose Vernon Building Society?

    You should consider Vernon Building Society because it operates for the benefit of it’s members and has won multiple awards.

    More information:

    • It operates for the benefit of it’s members, who collectively own the business.
    • Named the ‘Best Savings Provider’ at the British Bank Awards 2020.2
    • Profits are invested back into the Society so that the members benefit.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA), making it a safe and fair service provider.
    • It has decades of industry experience.

    How Does Vernon Building Society Support Intermediaries in the Mortgage Process?

    Vernon Building Society provides dedicated support and resources for intermediaries throughout the mortgage process.

    From access to online portals for application submissions to personalized assistance from experienced mortgage advisors, Vernon ensures that intermediaries have the tools and guidance needed to facilitate smooth transactions for their clients.

    Understanding Vernon Building Society’s Unique Mortgage Options

    What is the Vernon Building Society Head Start Mortgage, and How Does it Work?

    The Vernon Building Society Head Start Mortgage is designed to offer flexible terms and competitive rates for first-time homebuyers.

    With this mortgage, you can secure a loan with a lower deposit requirement, making homeownership more accessible.

    The Head Start Mortgage works by providing a stepping stone into the property market, allowing you to purchase your dream home sooner.

    What is the Vernon Lifetime Mortgage and How Does it Compare to Other Options?

    The Vernon Lifetime Mortgage enables homeowners aged 55 and above to release equity from their property, providing a lump sum or regular income without the need to sell or move.

    Compared to other options, the Vernon Lifetime Mortgage offers competitive interest rates and flexible repayment terms, allowing you to access the funds you need while maintaining ownership of your home.

    Exploring Alternatives to Equity Release with Vernon Building Society

    What are the Alternatives to Vernon Building Society for Equity Release?

    Vernon Building Society offers retirement interest-only mortgages.

    The retirement interest-only mortgage plans it offers include the (LT22) two-Year 2.81%* Discount Floored RIO and the (LT26) five-Year 2.51%* Discount Floored RIO.

    *While we regularly review our rates, these may have changed since our last update.

    What Features Do Alternatives to Vernon Building Society Offer?

    One of the features of Vernon Building Society’s RIO mortgage is transferability to a new property.

    More features:

    • No maximum age limit.
    • You can get a maximum LTV of 50%.
    • All borrowers must be at least 55 years of age.
    • An early repayment charge applies if you settle your mortgage.
    • It can be transferred to a new property, subject to certain conditions.
    • The minimum loan amount is £25,000.

    Is There an Alternative to an Equity Release Calculator at Vernon Building Society?

    No, they do not, since they do not offer equity release.

    However, if you are looking to release funds through equity release, use this fast equity release calculator below to see approximately how much you could release.

    Evaluating Costs and Benefits of Vernon Building Society Mortgages

    What Are Vernon Building Society’s Interest Rates?

    Vernon Building Society’s retirement interest-only mortgage interest rates vary from 5.25% to 6.30% depending on the initial period and subsequent period.

    More information:

    (LT22) Two-Year 2.81% Discount Floored RIO

    • Initial rate of 2.54%
    • Subsequent rate (SVR) of 5.25% to 6.30%
    • The interest rate will never fall below 5.25% to 6.30% during the discount period

    (LT26) Five-Year 2.51% Discount Floored RIO

    • Initial rate of 2.84%
    • Subsequent rate (SVR) of 5.25% to 6.30%
    • The interest rate will never fall below 5.25% to 6.30% during the discount period

    *While we regularly review our rates, these may have changed since our last update.

    What Fees Does Vernon Building Society Charge?

    Vernon Building Society’s fee for the arrangement of the RIO is £499.

    You may need to pay valuation fees and other related mortgage fees.

    Fees that you can generally expect to pay include:

    • Valuation fees
    • Solicitor’s fees
    • Arrangement fees
    • Advice fees
    • Closing fees

    Depending on your chosen plan, these fees usually total from £1,500 to £3,000.

    What are the Pros and Cons of Choosing Vernon Building Society?

    The advantages and disadvantages of Vernon Building Society include that RIO mortgages are transferable to new properties; however, it does not offer traditional equity release plans.

    More information:

    Vernon Building Society Pros

    The pros of Vernon Building Society include that there is no maximum entry age.

    More information:

    • RIO mortgage is transferable to another property, subject to certain conditions.
    • There is no maximum age for applicants.
    • A safe and reputable society that invests back into its people and members.
    • It is authorised and regulated in the UK by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA).
    • It is an award-winning society with a proven track record.

    Vernon Building Society Cons

    The cons of Vernon Building Society include that you will pay early repayment charges if you choose to settle your loan.

    More information:

    • No incentives on RIO mortgages.
    • An early repayment charge applies.

    Feedback and Regulatory Information on Vernon Building Society

    What is the Review Process for Information on Vernon Building Society?

    Our information guide for Vernon Building Society was compiled by taking all the relevant information and adding it to this easy-to-read article for you to consider.

    NOTE: This article is an unaffiliated, independent, third-party, review of Vernon Building Society.

    How Does Vernon Building Society Handle Notifications Regarding a Death?

    In the unfortunate event of a death, Vernon Building Society offers compassionate and efficient support to notify them.

    You can contact their dedicated bereavement team who will guide you through the process, providing the necessary assistance and handling the relevant paperwork with care and sensitivity.

    How Do Customers Review Vernon Building Society?

    See what customers of Vernon Building Society are saying:

    What are the Complaints about Vernon Building Society?

    Vernon Building Society complaints should be submitted in writing so that it can correctly address your complaint with all the relevant information at hand.

    You can submit your written complaint to your closest branch, where it will be dealt with.

    Vernon Building Society is committed to attending to complaints in a timely manner.

    Alternatively, complaints can be voiced on one of the popular consumer review sites.

    What are the FCA Details of Vernon Building Society?

    Trading Names

    Vernon Building Society

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Consumer Credit
    • Pensions
    • Investments
    • Other Services

    Regulators 

    • Financial Conduct Authority (FCA)3
    • Prudential Regulation Authority (PRA)4

    Registration Numbers

    • FCA Ref Number: 195475
    • Companies House Number: 02270982
    • Mutual Public Register Number: 625B

    FCA Link

    How Can I Contact Vernon Building Society?

    • +44 161 429 6262
    • 19, St. Petersgate, Stockport, SK1 1HF, UK.

    What are the Common Questions about Vernon Building Society?

    What Are The Benefits Of Equity Release?

    Who Owns Vernon Building Society?

    How Can I Apply for a job at Vernon Building Society?

    Does Vernon Building Society Offer Equity Release?

    Is Vernon Building Society Safe?

    In Conclusion, What Should I Know About Vernon Building Society?

    You can consider Vernon Building Society as an option for a retirement interest-only mortgage as an alternative to equity release.

    Not only is it focused on benefiting it’s members, but it also invests any profits back into the Society.

    It is an award-winning society with a proven record.

    You can rest assured that you are dealing with a reputable service provider that is authorised and regulated in the UK by the Financial Conduct Authority (FCA) when it comes to using Vernon Building Society for equity release alternatives.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms, and conditions. These may take into account the age, health, and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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