Building societies are typically seen as more trustworthy than their money-grabbing, sales-driven counterparts, but they are still struggling to survive, says Rebecca Atkinson.
A perfect storm of falling deposits, a moribund wholesale finance market and reduced remortgaging are hitting UK mutuals where it hurts, writes Heather Connon.
Skipton Building Society has announced plans to merge with Chesham to create an enlarged society with over £15 billion of assets and a 92-strong branch network.
Thousands of homeowners could see their mortgage repayments jump by more than £2,000 a year after Skipton Building Society confirmed it will hike the cost of its standard variable rate.
The Chelsea and the Yorkshire building societies have agreed to join forces as the aftershocks of the financial crisis continue to reverberate round the sector.
