Chorley Building Society

Chorley Building Society is a small, Lancashire-based building society that has been trading since 1859¹. It is a mutual, which means it is owned by its members rather than shareholders, and it concentrates on two things: residential mortgages, including some specialist lending that larger lenders often avoid, and savings accounts, including Cash ISAs. It does not offer current accounts, credit cards, personal loans or investment products, so it works best as a place for a mortgage or savings rather than as an everyday bank.

The Society is a niche lender rather than a high-street giant. It has three branches², and much of its business is done by post, phone and online. Its mortgage lending is aimed at particular situations: self-build and custom build projects, affordable housing schemes such as shared ownership and the Discount Market Scheme, and remortgages for people coming off schemes such as Help to Buy. Its savings range runs from accounts for young children to accounts for older savers¹.

Mortgages at Chorley Building Society: what it lends for

Chorley Building Society lends to people looking to purchase a home or remortgage⁶. Within that, it has built its reputation on cases that mainstream lenders often decline or make difficult. It offers remortgages for borrowers who currently have a Help to Buy England and Wales mortgage and want to change lender, and it supports a range of affordable housing schemes, including shared ownership and the Government First Homes scheme, where you must have had your application approved under the scheme before proceeding with a mortgage⁷.

Its standard residential lending covers the usual ground: buying a home, remortgaging, and moving an existing mortgage. Borrowers can choose interest-only, capital repayment, or a combination of both repayment methods⁶. The Society states that it takes a flexible approach to lending needs and provides a personal service with one point of contact, with a full mortgage illustration given before you make a decision⁷. As with any mortgage, the standard warning applies: your home may be repossessed if you do not keep up repayments on your mortgage⁷.

The Society also lends on buy-to-let and consumer buy-to-let properties, with lending criteria that differ from its residential range⁹. Its lending is concentrated in the North West of England for some regional products, defined by a list of postcode prefixes covering Cumbria, Lancashire, Merseyside, Greater Manchester, Cheshire and parts of neighbouring counties⁸. For a general introduction to how mortgages work, see our mortgages guide, and for the process of buying, our home buying guide.

Discount Market Scheme and self-build mortgages

Two areas where Chorley is unusual among small societies are the Discount Market Scheme and self-build lending. The Discount Market Scheme (DMS) is a Scottish Government initiative, and Chorley states that it supports it⁸. For existing borrowers who currently have a Discount Market Scheme mortgage and whose product is coming to an end or who need additional borrowing, the Society has a dedicated product range¹⁰. This matters if you bought through DMS in Scotland: relatively few lenders operate in the scheme, so a lender that actively supports existing DMS borrowers is worth knowing about.

Self-build is the other specialist area. Chorley offers self-build and custom build loans exclusively through Buildstore, also known as Buildloan, rather than directly to the public⁹. That means if you want to build your own home with a Chorley mortgage, the route is through that intermediary rather than walking into a branch. The Society also supports existing members who already have a self-build mortgage secured against their property and need a product extension to complete their build¹¹.

Self-build mortgages work differently from standard mortgages: funds are typically released in stages as the build progresses, and the lender's criteria are built around the project rather than just the finished property. Chorley is one of several building societies active in this market: the Building Societies Association lists Darlington, Dudley and Buckinghamshire building societies among those providing finance for self and custom build projects¹². Our mortgages guide explains how stage payments work in more detail.

Savings accounts and Cash ISAs

Chorley Building Society describes its range as savings products for everyone, from young children to older savers¹. The range includes easy access accounts, which limit the number of withdrawals you can make each year, and fixed rate bonds, which tie your money up for a set term in exchange for a known return¹³. There is also a Junior Cash ISA for children¹⁴. Some accounts permit transfers in from other Chorley Building Society accounts, so money can be moved between your own Chorley accounts where the terms allow³.

On the ISA side, the Society only offers Cash ISA products³. That means no stocks and shares ISAs: if you want to hold investments inside an ISA wrapper, you would need a different provider. A Chorley Cash ISA holds cash, and the tax treatment follows the usual ISA rules, which our ISAs guide explains. Because the Society has no current accounts, savings customers often hold their everyday account elsewhere and transfer money in; our savings guide covers how different account types compare.

You can apply for a savings account online, at your local branch or by post¹⁵. There are separate application forms: one for all accounts excluding ISAs, and one specifically for Cash ISA applications, which must be signed and returned¹⁵. If you are transferring an existing ISA to Chorley, the process is to open the new Cash ISA first, either online or by completing an application form available on the website, in branch or by post on request, and then arrange the transfer rather than withdrawing the money yourself, which would lose the ISA's tax-free status.

Mortgage fees and charges: how they work

Chorley's mortgage charges follow a pattern common across the market, but with some features worth understanding before you apply. Several products carry a scheme fee, which in some cases can be added to the loan, subject to the loan-to-value limits and lending criteria, or paid on completion⁸. Adding a fee to the loan spreads the cost but means you pay interest on it for the life of the mortgage, so the total cost is higher than paying it upfront.

Application fees vary by product, and some products charge no application fee at all to help with the upfront cost of the mortgage, though other fees still apply¹⁶. Legal fees cannot be added to the mortgage, so conveyancing costs need to be paid as they arise¹⁷. If you ask the Society to vary the terms of your mortgage contract, such as changing the term or the repayment method, a fee applies¹⁷. A mortgage exit administration fee is charged when the mortgage is redeemed¹⁶.

Early repayment charges are product-specific. If you repay your mortgage in full or make a lump sum overpayment, a charge may be payable, and the details are contained in the mortgage illustration and offer document you received when taking out the mortgage, or in the individual product guide¹⁶. Some products carry no early repayment charge at all and permit unlimited overpayments, though the Society reserves the right to request evidence of the source of funds¹¹. Because fees differ between products and the Society can withdraw a limited-issue scheme without notice⁸, check the current product guide on its own site for today's figures.

Who can borrow: age, term and where it lends

Chorley's lending criteria set the boundaries of who can apply, and they differ by mortgage type. For standard residential lending, the minimum age is 18, while self and custom build lending requires borrowers to be at least 21⁹. At the other end of the mortgage, the maximum age depends on how you repay: repayment mortgages can run until the borrower is up to 90, while interest-only and part-and-part mortgages have a lower maximum age of 85⁹. Individual products can set their own tighter limits within these boundaries.

Mortgage terms run from a minimum of 2 years to a maximum of 40 years on some products¹¹. Income assessment for employed applicants is based on annual gross salary⁹. One firm rule: the Society cannot accept any application where the applicants are classed as credit impaired⁹, so it is not a lender for people with serious adverse credit history. If your credit file is a concern, our credit scores guide explains what lenders see and how to check it.

Where it lends also varies. Some regional products are limited to properties in the North West, defined by postcode prefixes CA, FY, PR, LA, WN, BL, L, WA, BB, CH, M, SK, CW and OL⁸. Buy-to-let and consumer buy-to-let lending has its own loan-to-value tiers, with different maximums for loans up to and over £750,000⁹. Self-build lending is distributed through Buildstore/Buildloan rather than direct⁹. Buildings insurance is compulsory in all instances on the products that state it⁸.

Valuations are not surveys: what the Society checks

A mortgage valuation is carried out to check that the property provides adequate security for the loan the Society is providing to you¹⁸. That is its only purpose: it protects the lender, not you. The Society is explicit that the valuation is not a survey and may not identify any repairs that might be needed¹⁸. A property can be perfectly acceptable as security for a mortgage while still having defects that would cost you thousands to fix after you move in.

Because of this, most buyers arrange their own survey in addition to the mortgage valuation. A more detailed option is a combined report, which the Society explains will check that the property provides adequate security for the loan and also provide more detail on the condition of the property¹⁸. In Scotland, the position differs: the Society can accept transcript valuations on residential purchase mortgages that are based on the valuation contained in the Home Report, which the buyer normally commissions anyway¹⁸.

A standard mortgage valuation is required on all properties on the products that state it⁸, and the valuation fee is charged as part of the application. The key practical point is simple: do not rely on the mortgage valuation to tell you about the condition of the home you are buying. If the valuation comes back at less than the price you have agreed, it can also affect how much the Society will lend, which is worth knowing before you commit.

Applying for a mortgage or remortgage with an adviser

Chorley Building Society sells its mortgages through advice rather than online self-service. You request an appointment with one of the Society's advisers by following the steps on its mortgage pages⁶. The Society sets out what it promises borrowers: individual advice from qualified mortgage advisers, legal and valuation incentives subject to product terms, a flexible approach to lending needs, a personal service with one point of contact, a choice of interest-only or capital repayment methods or a combination, and guidance every step of the way⁶.

Part of the application is sharing your bank statements. The Society uses Open Banking for this, describing it as a faster and more efficient way for customers to share bank statements digitally and securely to support the affordability assessment of income and expenditure in connection with a mortgage application¹⁹. It uses a third party called consents.online to enable the sharing of your bank transaction data, and applicants click on a link to that service to connect their accounts¹⁹. If you would rather not use Open Banking, ask the Society what paper alternatives it accepts.

Identity checks are done electronically: the Society uses an electronic verification search with its credit reference agency to confirm your identity and address²⁰. If that check is unsuccessful, you would need to provide identification from its published lists instead². Before any decision, you are given a full mortgage illustration, which sets out the costs, and the details of any early repayment charge are contained in that illustration and the offer document⁷.

Banking with Chorley: branches, Chorley Online and third party mandates

Chorley Building Society has three branches², a fraction of the roughly 1,300 branches building societies operate across the UK in total²². Day-to-day savings banking is done through Chorley Online, the Society's online service, by phone, by post or in branch. Savings accounts can be opened online, in branch or by post¹⁵, and the Society publishes separate application forms for standard savings accounts and Cash ISAs¹⁵.

One feature the Society offers that larger banks sometimes make harder is the third party mandate. This is a written instruction from you telling the Society that you would like another party to carry out day-to-day transactions on your account². It can suit someone who wants a relative or carer to help manage their savings without giving them ownership of the money. To set one up, you and the third party or parties visit any one of the three branches and complete a Third Party Mandate form, or contact any branch on 01257 235003 and ask for the form to be sent by post².

The rules around mandates are worth knowing before you sign one. You must have mental capacity when you authorise it². The third party must have identification proving their identity and current residential address, checked electronically through the Society's chosen credit agency, with documents from its identification lists required if the electronic check fails². The mandate only gives access to the accounts nominated on it, so a new account opened later needs a fresh form². If more than one party is nominated, any party can act without the others being present². Critically, you remain responsible for the actions and decisions that are carried out², and the mandate is revoked automatically if you die or lose mental capacity². You can cancel it at any time with a written instruction². A Power of Attorney is a separate, more formal arrangement and must be registered with the Society before it can accept any instructions². Our consumer protection guide explains the differences between these arrangements.

Complaints, bereavement and getting help

If something goes wrong, you can complain to Chorley Building Society in writing, by email to complaints@chorleybs.co.uk or by calling 01257 235000²³. If the Society does not resolve your complaint internally to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service²³, which is free and independent. The Society also publishes guidance on authorised push payment (APP) fraud, and states that it assesses every APP scam claim on a case-by-case basis, looking at the evidence you present along with any information it holds²³. Our scams and fraud guide explains how these scams work and what reimbursement rules apply.

If you are struggling financially, the Society publishes help with the cost of living and gives direct contact routes: the Mortgage Team on 01257 235 001 or mortgages@chorleybs.co.uk, and the Savings Team on 01257 235 003 or savers@chorleybs.co.uk²⁴. Contacting the lender early is generally better than missing payments silently, and free debt advice is available from charities listed in our debt guide.

Bereavement is handled through a defined process. The Society needs to be notified by the deceased's next of kin or personal representative, and requires the original or a certified copy of the death certificate, an interim death certificate, or a death certificate verification form from a solicitor²⁵. Once notified, all payments to and from the savings account are frozen²⁵. Joint accounts pass automatically to the other account holder²⁵, which matches the general rule for joint accounts that the account continues in the remaining names²⁵. For sole accounts, balances below £15,000 are released against a Statutory Declaration form, which may need a signature from a Commissioner for Oaths or solicitor, while balances above £15,000 require a copy of the Grant of Probate or Letters of Administration, with all named representatives providing identification and signing for closure²⁵. Funds can be accessed immediately for urgent bills, limited to funeral costs, inheritance tax or probate fees, against an invoice, with the Society issuing a cheque payable to the relevant organisation²⁵. Unless you are an existing customer, you will need one form of identification²⁵. Housing and benefit questions after a death can be answered by Shelter Cymru in Wales, whose advisers can look into your situation and explain your rights²⁵.

FSCS protection: how your savings are covered

Chorley Building Society is a member of the Financial Services Compensation Scheme (FSCS), which means eligible deposits with Chorley are protected up to a total of £120,000⁴. That £120,000 is the temporary limit that applies while the higher protection level is in force; it covers all your eligible deposits with the Society combined, not £120,000 per account. If you hold several Chorley savings accounts, they count together towards the one limit.

The protection applies to deposits, which is what savings accounts and Cash ISAs are. It does not cover investment products, though the Society sells none anyway³. Mortgages are not protected in this way: FSCS deposit protection is about money you hold with the Society, not money you owe it. The firm behind the brand is The Chorley and District Building Society, authorised by the Financial Conduct Authority since 1 December 2001 with firm reference number 206023, and on the Bank of England's list of building societies incorporated in the UK⁵. You can check its status yourself on the FCA Register using that reference number. Our consumer protection guide explains how the FSCS works, what happens when a firm fails, and what the limits mean in practice.