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Welcome to The Chorley Building Society

Standard Variable Mortgage Interest Rate Reduction

We are pleased to advise that the Society's Standard Variable Mortgage interest rate will reduce by 1% for existing customers from the 1st January 2009 and for new business with effect from 12th December 2008.

The Society's Standard Variable Mortgage Rate tiers from these dates will be as follows:

Greater than £250,000	-	5.85%
£180,000 - £250,000	-	5.95%
£120,000 - £180,000	-	6.05%
Up to £120,000	-	6.15%

There are many factors that influence the Society's decision on setting its mortgage interest rate.

The Chorley is a traditional Building Society owned by it's mortgage customers and savings customers. Mortgage customers seek a low rate of interest on their mortgage. Savings customers seek a high rate of interest on their savings. The Chorley's priority is to balance the needs of both.

A reduction in the Bank of England's Base rate has little immediate effect on the Chorley. The Chorley's funds for lending on mortgage derive almost entirely from savings customers. As banks have encountered difficulties borrowing from each other the competition between all financial institutions for savings deposits has intensified. A decision on whether to reduce mortgage rates will be influenced greatly by the cost of these funds.

The Chorley must also consider other factors such as the interest that we are able to earn on some of our non-mortgage assets and a contractual obligation to fund our share of the Bradford & Bingley and Icelandic Bank bailouts.

The board has taken this step to ensure the Society remains a strong and independent mutual organisation.

Following the 1% reduction in Bank Base Rate announced by the Monetary Policy Committee of the Bank of England on the 4th December 2008, the Society is reviewing the Standard Variable Mortgage interest rates above and our decision will be announced early in the New Year.

Lost Accounts Newsflash 10th Sept 2008, click on this link for more details.

Lost track of your savings?, choose this link to see what to do if you think you have a "lost" account.

Savings Accounts For Our Next Generation of Savers

Here at The Chorley we offer a range of savings accounts for our young savers, the Foxley Fund and Child Trust Fund are just two of them, visit our Savings & Investments web pages to see what other products we offer our next generation of savers.

Let Foxley Look After Your Little Cub's Nest Egg

Start your child a savings nest egg with the Foxley Trust Fund, an account with an attractive interest rate.

Child Trust Fund
Has your child received their Child Trust Fund voucher from the Government?, why not invest it in The Chorley where we offer a highly competitive interest rate.

Equity Child Trust Fund - Stakeholder

The Chorley has teamed up with Scottish Friendly to offer the Stakeholder Child Trust Fund.

When you take out a Child Trust Fund with Scottish Friendly, you'll be investing in their Managed Growth Fund and like us, they're a mutual organisation, looking after their members - not external shareholders.

Have You Heard About Our Business Account?

The Chorley Business Accountoffers highly attractive interest rates giving you the chance to earn more on your account whilst providing you with flexibility and instant access.

Acorn Independent Financial Management

Chorley Building Society in conjunction with Acorn Independent Financial Management will be holding seminars on Inheritance Tax Planning. If you are interested in attending a seminar or there is a topic you would like us to hold a seminar on, please call the Society on 01257 279373 and ask for a Business Development Manager.

If you would like financial advice from an Independent Financial Advisor why not call into one of our branches or telephone 01257 279373 to arrange an appointment.

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