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Vernon Building Society Equity Release Review (2025): Key Points

Vernon Building Society does not directly offer equity release but is noted for personalized customer service and competitive rates in reviews, reflecting its commitment to tailored financial solutions for seniors, including alternative financial products.
Vernon Building Society Equity Release
What Are the Reviews for Vernon Building Society's Equity Release? Understand the Schemes, Interest Rates and Benefits. Read on to Decide if This Is the Best Option for You.
This article contains tops tips from our experts, backed by in-depth research.
Katherine Read
Written by Katherine Read
Bert Hofhuis
Edited by Bert Hofhuis
Paul Sawyer
Reviewed by Paul Sawyer

Contributors:

Francis Hui
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Key Takeaways
  • Vernon Building Society does not offer equity release or lifetime mortgages, focusing instead on traditional mortgage products tailored for those over 55.
  • For alternatives to equity release, Vernon Building Society provides savings accounts that can supplement retirement income without leveraging home equity.
  • Financial planning advice is available at Vernon Building Society, guiding customers towards other retirement funding solutions.
  • Vernon Building Society emphasizes the importance of considering other assets and investments for retirement planning, beyond property equity.
  • Customers interested in managing their property wealth without equity release may find Vernon Building Society's range of mortgage options suitable for downsizing or purchasing more appropriate retirement housing.

You may be considering Vernon Building Society and wonder if it is the best provider for your needs?

With so many financial services providers to choose from it is often a daunting task to pick the right one.

Not to worry, we are here to take the stress out of the process.

At SovereignBoss, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

In This Article, You Will Discover:

    Therefore:

    NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of Vernon Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Vernon Building Society.

    Who Is Vernon Building Society?

    The Vernon Building Society is a UK building society based in Stockport, Greater Manchester.

    It was founded in 19241 and is a member of the Building Societies Association.

    Why Consider Vernon Building Society?

    You could consider Vernon Building Society because it is run for the members' benefit and has received numerous accolades.

    More information:

    • It is run for the benefit of the people who make up its membership.
    • Winner of the British Bank Awards 2020 for "Best Savings Provider."2
    • The Society re-invests its earnings for the good of its members.
    • Because it is authorised and regulated in the UK by the FCA,3 its services are governed by UK financial services regulations.
    • It has been around for a significant time and is very experienced in this field.

    Does Vernon Building Society Have an Equity Release Calculator?

    No, Vernon Building Society does not have any online calculator or an alternative to an equity release calculator.

    If you are looking for an equity release calculator, why not try our easy-to-use version below for an approximation?

    Customer Reviews

    Vernon Building Society customer reviews can be found on popular sites such as Trustpilot or Indeed.com.

    Reviews can be found here:

    How Did We Review the Information on Vernon Building Society and Equity Release?

    We reviewed Vernon Building Society based on the following:

    • Reputation and History – How many years they have been in business, customer reviews, and industry rewards received.
    • Financial Strength – Ensuring it is going strong and has adequate funds to meet long-term commitments.
    • Product Range – We favour companies offering a variety of equity release schemes with greater product flexibility.
    • Interest Rates and Fees – We review competitive rates compared to industry averages and they must be fully transparent about rates and fees without hidden costs.
    • Customer Service and Support – When and how it is available, response times, and available online educational resources. As well as online tools, like a calculator.
    • Code of Conduct and Compliance – We only consider companies that adhere to recognised industry standards and codes.
    • Industry Insights and Peer Reviews – We care about a company’s industry-wide reputation.
    • Innovation and Technology – Is there a streamlined, digital application process?
    • Client Testimonials – Success stories and the complaints resolution process.

    This is an unaffiliated, independent review of Vernon Building Society.

    Vernon Building Society Complaints

    Vernon Building Society concerns should be reported in writing so that it can correctly address your issue with all the essential facts at hand.

    You can file a written complaint with your nearest branch or contact the company via email.

    The alternative is to use a review site such as Trustpilot or Feefo and leave a review, and it will quickly reach out to you to assist.

    What Are the Interest Rates on Vernon Building Society's Equity Release and Lifetime Mortgage Alternatives?

    The interest rates offered by Vernon Building Society on equity release alternative products are deal-dependent and will be granted individually.

    Equity release interest rates currently range from 5.97% to 6.28%*.

    Have a look at all the equity release schemes available on the market with our easy-to-use table, or compare the equity release rates!

    *While we regularly review our rates, these may have changed since our last update.

    Learn More About Vernon Building Society

    The Vernon Building Society is a mutual building society that was founded in 1924 in Stockport, Cheshire.4

    It wants to be a trusted source of dependable financial guidance in its community by offering cheap mortgages, savings, and investment options.

    Vernon strives to sustain a continuing community programme as a local, independent building society.

    It's desire to keep mutual status goes hand in hand with it's aim to help local charities and organisations whenever possible.

    As a result of its sponsorship of local organisations and events, it has established a strong community presence.

    In 2012, it introduced it's Community Awards, which have since granted over £60,000 in much-needed cash to Stockport-based charities and community organisations.5

    What Are Vernon Building Society's Fees?

    The RIO arrangement fee charged by Vernon Building Society is £499.6

    You may be required to pay valuation costs as well as other mortgage-related fees.

    Fees that you should anticipate paying include:

    • Valuation fees
    • Attorney's fees
    • Arrangement charges
    • Advice fees
    • Closing costs

    These expenses typically add up to between £1,500 to £3,500, depending on the plan you choose.

    FCA Details

    Trading Names

    Vernon Building Society

    FCA Permitted Services

    • Banking
    • Insurance
    • Mortgages and Home Finance
    • Consumer Credit
    • Pensions
    • Investments
    • Other Services

    Regulators

    • Financial Conduct Authority (FAC)7
    • Prudential Regulation Authority (PRA)8

    Registration Numbers

    • FCA Ref Number: 195475
    • Company Number: 02270982

    FCA Link

    Vernon Building Society Contact Number and Address

    • +44 161 429 6262
    • info@thevernon.co.uk
    • 19, St Petersgate, Stockport, SK1 1HF, UK.

    Common Questions

    Does Vernon Building Society Offer Equity Release Products?

    What Financial Solutions Does Vernon Building Society Provide for Retirement Planning?

    Can Vernon Building Society Help Me Plan for Retirement Without Equity Release?

    What Are the Alternatives to Equity Release at Vernon Building Society?

    How Can I Manage My Property Wealth with Vernon Building Society?

    Conclusion

    Consider Vernon Building Society for a retirement interest-only mortgage as an alternative to equity release.

    It is not only concerned with the welfare of it's members, but it also reinvests any gains back into society.

    It is an award-winning society with a great track record.

    When you use Vernon Building Society for equity release alternatives, you can be confident that you are working with a respectable service provider who is regulated by the FCA.

    The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.

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