Manchester Building Society. 

About Manchester Building Society.

Manchester Building Society has been providing financial products since 1922. They are committed to mutuality because they believe it enables them to offer not only higher levels of service than many banks, but also a comprehensive range of attractive investment and mortgage products. They are members of the buildings societies association and FSA reg no is 206048.

Manchester Building Society Information.

Head Office – Manchester Building Society, 125 Portland Street, Manchester, M1 4QD. Tel 0161 923 8000.

Branch Offices –

Queens Court, 24 Queen Street, Manchester, M2 5HX.

Manchester Building Society Products

Savings Accounts – Savings Accounts include instant Access, Premier Notice, Fixed Rate Bonds and CASH ISA’s including a regular saver ISA.

Mortgage Accounts - Mortgages include Second Home Mortgages, Fixed Rate Mortgages, Discount Rate Mortgages, Buy to Let Mortgages and Further Advance Mortgages.

News - On 31 January 2011, the Society divested of its entire shareholding in its banking subsidiary, Whiteaway Laidlaw Bank Limited.

Financial Results Year Ended 31/12/2010

For the year they made a profit after tax of £213,000 (loss £116,000).

Mortgage Lending – During the year, the Society made advances to 112 new and 18 existing borrowers to a total value of £16.3m (2009: £41.3m). At 31 December 2010 there were 20 mortgage accounts (2009: 20) where payments were 12 or more months in arrears. Outstanding balances on these accounts amounted to £5.1m (2009: £3.2m) with total arrears of £0.4m (2009: £0.2m), representing 0.8% of total mortgage balances (2009: 0.5%). Group mortgage balances, after provisions, were £643.5m (2009: £664.9m), representing a year on year reduction of 3.2% (2009: 2.4%). A significant proportion of the Society’s mortgage balances at the year end have interest rates that track bank base rate, with 39.3% of gross year end mortgage balances falling into this category (2009: 37.6%). Fixed rate lending represented 27.6% of the Society’s gross mortgage balances at the year end (2009: 32.4%), with the remainder of loans being variable in nature.

Savings – Retail saving balances were the primary source of funding for the Society during 2010 and accordingly were closely and carefully monitored during the year. Balances owing to the Society’s members at 31 December 2010 were £720.9m (2009: £736.2m). New Society funds were generated primarily through successful launches of the Premier Notice 6, Premier Notice 13 and ISA 6th Issue Accounts.

Manchester Building Society Directors

Executive Directors – D E Cowie, C W Gee, P A Lynch, I M Richardson.

Non Executive Directors – J P Allen, R W Dyson, A Finch, S M Molloy, M J Prior, J Smith.

Membership Numbers – The Manchester has 5,780 borrowing members and 43,090 investing (saving) members.

Other information – website themanchester.co.uk.