Vernon Building Society has had another successful year in spite of a difficult market.

The Society helped 250 home buyers in 2016, including 26 first-time buyers.

Mike Hanson, our Chief Executive, said, “The changing market leads to more complex personal financial situations.

“We are seeing greater demand for mortgages into - and in - retirement, more people with multiple sources of income, more self-employed and contract workers and worryingly, greater levels of unsecured debt.

“We have a responsibility to help local people buy houses and we will continue to develop new and innovative products to help meet this changing demand.”

Total assets have grown from £267.8m in 5 years since 2012 to £300.2m, including £233m in mortgages.

The Society has also posted an annual pre-tax profit of just over £1.3m, an increase of 8% on the previous year.

Mike Hanson explained “as a mutual Society, the Vernon does not have shareholders to whom profits have to be distributed as dividends but instead is focused on providing the best value to its customers, who as members own the Society.”

“Because of this the Society has been able to able to continue to protect the interests of both borrowers and savers in difficult markets.”

Mike also noted that in order to safeguard its future “the Society is investing significantly in further developing and strengthening its Risk Management techniques and further strengthening its capital position.”
 
The Vernon, which employs 74 people across six branches, also enjoyed a high customer service rating, with 91% of members finding staff to be helpful, professional and efficient.

The Society awarded £10,000 to 20 groups in Stockport through the Vernon Jubilee Fund in 2016, taking the total handed out since 2012 to £50,000.

Initiatives for 2017 include an additional bonus of up to £1,000 for savers with a Vernon Help to Buy: ISA.

Head office:

Vernon Building Society
19 St Petersgate
Stockport
SK1 1HF

Tel: 0161 429 6262
Fax: 0161 477 3303
Email: info@thevernon.co.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

*The 'AER' stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Vernon Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (registration number 195475).  You can check this on the Financial Services Register. We are also a participant of the Financial Services Compensation Scheme (FSCS). Details of the scheme can be obtained from www.fscs.org.uk

Telephone calls are recorded and may be monitored for regulatory and training purposes to help maintain service quality.

For independent information about financial products and services visit  www.moneyadviceservice.org.uk

© 2016 Vernon Building Society
All rights reserved