Press Release – Social:Mortgage
Airdrie Savings Bank (ASB)
Cashback for Scotland third sector from ASB’s “Social: Mortgage”
Airdrie Savings Bank (ASB) Scotland’s only independent, mutual bank has produced a twist on the cashback mortgage idea as employees, trustees and volunteers of thousands of Scotland’s third sector organisations and social enterprises can see their organisation benefit by £250.
Many banks offer individuals cashback as part of their mortgage enticement; at ASB, they’ve decided to do it differently; the cashback from their “Social: Mortgage” product will go to the third sector organisation that the borrower works for, volunteers with, or sits on the governing body of.
ASB has an ethical ethos that is rooted in community and cooperative spirit. It is a mutual, with no paid trustees, no shareholders, no bonus culture and fair salary ratios, Scotland’s last independent savings bank offering loans, deposits and mortgages.
This is the first social mortgage of its kind in the UK, giving money back to third sector organisations which will help them deliver vital social services across Scotland. The £250 cashback to the borrower’s third sector organisation is unrestricted and can be used for any purpose.
Eight mortgage products are available to qualifying borrowers. Mortgages from ASB are already competitive, featuring high up the best buy tables, with
• two year fixed rates from 2.48% and
• 2 year trackers from 1.25% over base amongst the eye catching headline rates
The bank already offers fixed and notice deposit accounts and social investment loans to third sector organisations through its collaborative work with the Scottish Community Reinvestment Trust (SCRT). The Social Mortgage has also been developed with SCRT and it is groups that are connected to SCRT that will potentially benefit from this cashback windfall.
ASB’s Social Enterprise Manager, Niall Alexander says:
“We wanted to do something to support the third sector, and their work. This offer is open to people across Scotland; if you’re in the market for a mortgage and your organisation is a connected to SCRT then you can qualify – no catches – you’ll get a great mortgage product and your organisation will benefit too”
Pauline Hinchion, of SCRT said:
“We’re delighted to support this social mortgage offer. We work with ASB as its ethics and ways of operating are closely aligned with those of the Scottish Third Sector. Increasingly the third sector recognises that it needs to support and bank with financial institutions that have shared values in order to magnify social impact and reduce inequality across Scotland”.
We already work with ASB on delivering great deposit rates for third sector organisations through the Third Sector specific Anchor Savings Accounts . The social: mortgage is another example of how we have worked together to create banking products that the third sector will value”
The Social: Mortgage offer is available from Monday 23rd May 2016 until further notice. ASB reserves the right to withdraw the offer any time.
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