10 MINUTES - WELCOME TO THE FIRST EDITION OF 2018 - Saffron Building Society
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NEWSLETTER ISSUE 14 2018
10 MINUTES
WELCOME
TO THE FIRST EDITION OF 2018
MORTGAGES SAVINGS
Making sense of house prices Savings Awards
FINANCIAL ADVICE COMMUNITY
Find out more about Find out what we’ve been up to!
Independent Financial Advice
In branch
0800 072 1100
saffronbs.co.uk
SARAH HOWE EDITOR’S LETTER This year has started really positively for our society with the exciting news that we have won four awards for our regular savings products! We are really proud of this recognition as it remains an important part of our ethos to help members of all ages commit to good financial habits through regularly saving their money. Housing remains a hot topic and is really important to us. Not a day goes by without regular reminders in the media of the difficulties people face when finding somewhere to live and how to sort code is changing as a result. If you climb the ladder as personal situations make online or faster payments, this change. We understand these difficulties change will affect you, so please do and have explored ‘house prices’ and make sure you read our article which ‘making house moves more affordable’ in explains this in more detail. this issue, which we hope you find both Finally in this issue we take a look back interesting and helpful. at our last Member Event where we In this issue of 10 minutes we share with were pleased to hear our Members you the Independent Financial Advice feedback on a number of important service we can introduce you to in our issues. We also review the fund raising branches. Whatever you are planning to our staff have undertaken throughout do with your money, having independent 2017 and how the money raised makes professional advice might give you a real difference with lots more activity that extra peace of mind and support to lined up for 2018. make the right choices for you and your Happy reading! financial needs. You may also be aware that the big banks have been required to ring fence Sarah Howe their services which has had a knock Chief Customer Officer on effect for Saffron customers as our
HOUSE PRICES
MORTGAGES
HOW TO MAKE SENSE OF HOUSE PRICES
Are you thinking of moving home highlight the streets where prices are
but are unsure which way house the highest for the area.
prices are going? Do you have a Rightmove makes historic sale
house to sell but wonder where to prices available and the site often
value it? House prices have lately shows original full listings with
become unpredictable, making your photos, floorplans and more details.
decisions when moving slightly more This makes comparisons with other
complicated. properties nearby much easier.
How to keep an eye on house For those wanting to get even closer to
prices the detail, there is a new service from
the government on the Land Registry
If you are looking to keep up to speed Website. The new UK House Price
on house prices, the internet can Index (HPI) is calculated by the Office
provide a lot of helpful resources. The of National Statistics and uses house
website Nethouseprices allows you to sales data from HM Land Registry,
see which properties have been sold Registers of Scotland, and Land and
and for how much, simply by entering Property Services Northern Ireland.
a postcode. Zoopla offers the same The index is published monthly, with
features with prices dating back to figures for Northern Ireland updated
1995, and colour-coded maps which quarterly.
1
HOUSE PRICES
MORTGAGES
The challenge when interest rate rises. It’s important
forecasting house prices that you can afford to maintain
your mortgage if interest rates go
If you want to see what the experts are up as they are currently at record
predicting, you could take a look at low levels.
HousePriceCrash.co.uk. The website
collects statistics from places such How long do I want to live in the
as the Land Registry, the FT and house for?
Hometrack to put together trends on Do you think you will be there for
house prices. They also track house a long time or will you be likely to
price predictions from different experts make a quick move? If you don’t
to give an idea of what the future may expect to be there for long, will
hold. your next move be affected by
a price drop? If you are planning
to stay for the long term, house
What to do? price movements may be less of
The value of property, just like a concern.
any other asset, can go up or Are you expecting a change in
down. While it makes sense to be your circumstances?
well informed, ask yourself some If you are planning a family, or a
important questions when you are change in employment, does the
looking to buy a new house. new house fit in with your plans?
Why do I want to buy the house?
There can be many different If you are looking for more
reasons such as needing more information, then the Money
space, moving into a catchment Saving Expert website has a
area for schools, downsizing house buying guide. Alternatively,
to release some money for a you can look at our own guide on
development, etc. If you are clear how to save for a deposit or the
on why you want to buy, you’ll costs involved in buying your first
be able to plan an appropriate home.
budget. Your budget as an investor
will look very different from that of Saffron Building Society
someone buying a family home. Saffron provides a wide range of
Have I got a budget in place? mortgages, however we are best
Make sure you have planned for known for products designed for
all the costs of moving, arranged people requiring more flexible and
your mortgage and factored in any tailored solutions. For example, if
2
HOUSE PRICES
MORTGAGES
you already own a house but raising particular position and discuss it with
the money for your next home is you before reaching a conclusion.
taking a long time, we have a range
of products which require a smaller Personalised Advice
deposit. If you are looking for a mortgage, our
expert advisers are available to guide
We also offer discount mortgages you through the entire application
which give you a set discount off our process. Unlike many lenders, with
standard variable rate for an agreed Saffron Building Society you’ll have
period, meaning lower initial monthly just one point of contact throughout,
payments as you settle into your new and won’t find yourself constantly
home. We also have options that do talking to people in a call centre or
not have an arrangement fee which speaking to someone unfamiliar with
can help borrowers to reduce the your details. Furthermore, a person,
costs of moving. not a computer, makes the final
decision.
We take the time to get to know
For more information
you, your circumstances and your
needs, which means we’re able to
visit saffronbs.co.uk
help individuals with complex income
structures such as contractors and the
self-employed. We can review your
3
MOVING HOUSE
MORTGAGES
MAKING HOUSE MOVES MORE AFFORDABLE
At Saffron Building Society we How we help families help
understand the challenges many each other
families face up and down the country.
Speaking to people in our branches Research suggests that over 305,000
we get a real sense of how difficult parents helped their children onto
it can be to save for a deposit, and the housing ladder in 2016, with
how frustrating it is when you want to the value of their support averaging
make your next move to provide more £17,5003. Speaking to customers
space for a growing family. though we notice that people are
often unaware of the different options
For many years though we feel we’ve available for funding a deposit.
succeeded in talking to people about
their options and providing new ideas For example, a gifted deposit is an
to make that next move happen. And effective way of raising money if you
increasingly, we see that a family have a relative generous enough
comes together at the time of a house to help. This is a sum given by a
move to provide financial support. family member which forms all or
part of the deposit when you buy a
4
MOVING HOUSE
MORTGAGES
property. At Saffron Building Society 60% of new homes are self-built, and
we can accept gifted deposits on our Japan, where the proportion is 90%4.
mortgages, for more information on Nonetheless, the popularity of self-
how they work please visit: builds in the UK is starting to grow
and there is more support available
saffronbs.co.uk/mortgages/gifted-
to make this approach feasible.
deposits
Alternative ways to find your You can also give your family a head
ideal home start if you are lucky enough to own
We’ve also noticed more interest in a plot of land which can be released.
people building their own houses, and However, all parties should seek
there is good reason why. According financial and/or legal advice about
to the National Custom and Self Build the implications for them before
Association (NaCSBA), the average entering into such a transaction.
self-builder saves 15% to 20% on a
To find out more about our Self Build
house compared to what it would
mortgages which are also available
cost to buy4. Although the term ‘self-
to first-time-buyers please visit:
builder’ may conjure up an image of
saffronbs.co.uk/mortgages/self-
Kevin McCloud from Grand Designs
build-mortgages/
discussing an ambitious project
requiring a small fortune to complete, Saffron Building Society
building your own home can assume
many different forms. Our advisers are always happy
to talk about your next home and
‘Self-build’ describes a project in explain how we can help. We
which someone directly organises have a range of mortgages which
the design and construction of their could work for you, whether
home. It covers a wide range of you’re a first-time buyer, self-
projects such as traditional houses, employed, looking to build your
renovation of existing properties, own home or even a developer
basement conversions and even large contemplating a new project.
extensions. If you want to talk to someone
about your plans then we’ll make
It might be something you hadn’t time to see how we can help.
considered before, but if that’s the Sources:
case you’re not alone, as only 8% of 1.Fixing our Broken Housing Market, Feb 2017.
new UK homes are self-builds. They 2.Sky News, January 2017
3.The Bank of Mum and Dad, L&G, Feb 2017.
are much more popular in many other 4.BBC – New Home Legislation, April 2015
countries, such as Germany, where
5
RETIREMENT
INDEPENDENT FINANCIAL ADVICE
Is there an Independent Financial Adviser near me?
A little guidance when making big decisions can often help. If you are looking
to plan your pension, invest some money, or protect yourself and your family
then sound planning and financial advice from an experienced adviser could
certainly help.
Here at Saffron we work as introducers to Independent Financial Advisers, who
provide financial advice in our branches to our customers in Hertfordshire, Essex
and Suffolk. A list of all our branch locations can be found at the end of the
article. If you’re unsure what you can expect from a financial adviser then we
hope the information below will help.
Saffron Building Society
We pride ourselves on being a mutual organisation, which means we’re owned
by our members. We don’t have any shareholders and we have two guiding
principles – trust, and serving our members and the local community, which
we’ve been doing since 1849.
Whether you’re a new customer or an existing member seeking advice, you’ll
be able to speak to an Independent Financial Adviser to have a straightforward
conversation about your finances. The aim is to help people achieve the things
they want from life by giving them support and guidance in planning for their
future.
6
RETIREMENT
INDEPENDENT FINANCIAL ADVICE
How financial advice and planning can help my family and me…
Financial planning is the process of identifying your financial targets, such as
knowing when you want to retire or saving for a house purchase. It also helps
you to make sure you have the most appropriate insurance in place so that if
things go wrong you are more protected and your plan has more chance of
remaining on the right track. An adviser will help you to lay out a plan of action
with specific steps to help you reach the targets you’ve set for yourself and your
family.
How does financial advice work?
To give good advice, a Financial Adviser needs to understand your goals and
your current circumstances. They will use this information to create projections
and talk to you about different options. This enables you to make choices as
you plan for the kind of future you’d like.
What does a good financial adviser do?
An experienced financial adviser will be able to do all of the following:
• Help you to save for things like a child’s university fees, a wedding or
retirement
• Make sure you have adequate protection in place in the event of a range of
different events such as illness or death
• Advise on how much you should keep in an emergency fund to help you
when things don’t go as expected
• Provide tax advice
• Advise on downsizing and using your house as an asset
They do this by trying to find the most suitable products and will present
information on:
• What type and how much insurance you need (e.g. life insurance, long term
care, disability and critical illness insurance)
• Savings and investment products
• Will writing and planning
• Different tax products such as pensions and ISAs
7RETIREMENT
INDEPENDENT FINANCIAL ADVICE
The cost of financial advice
You can have an initial meeting with an Independent Financial Adviser at no
cost and with no obligation. They will talk you through what to expect and
explain the fees involved in detail.
Isn’t it cheaper to plan my finances without advice?
Advice is there to help you select from the most suitable products rather than
choosing one for yourself from the many different products available. Financial
Advisers have access to the latest regulation and expertise, and work on your
behalf to find the best solution. Depending on the type of adviser you use, you
might have access to a wider range of choices than you’d be able to assess
realistically on your own.
If you plan your finances without any financial advice then you won’t have to pay
for the costs of advice. The choice to seek advice depends on how complex your
financial arrangements are, how experienced you are with tax arrangements
and your knowledge of investment, savings and insurance products.
Remember, the initial consultation is free of any charge so it’s possible to talk
about your plan first before you make a decision about whether to proceed or
not.
How Saffron can introduce you to an Independent Financial Adviser
We can arrange for you to see an Independent Financial Adviser in any of the
following locations at one of our branches (see below).
If you want to find out more then call us on 0800 072 1100
Bishop’s Stortford Halstead
Brentwood Royston
Colchester Saffron Walden
Frinton-on-Sea Sawbridgeworth
Great Dunmow Ware
Haverhill
8SAVINGS AWARDS
SAVINGS
SAFFRON WINS MULTIPLE SAVINGS AWARDS
We have won a quartet of ‘savings awards’ at three national financial
services awards. We have accolades for:
• ‘Best Children’s Account Provider’ – 2017 Savings Champion Annual Awards
• ‘Best Children’s Savings Provider’ - 2018 Savings Champion Annual Awards
• ‘Best Junior/Children’s Savings Provider’ - 2017/18 Personal Finance Awards
• ‘Best Regular Savings Provider’ - 2018 Moneynet Personal Finance Awards
Comments from the awards’ judges Sarah added: “The accounts give
drew attention to how our savings our customers, most of which live
accounts consistently delivered best locally, great options to make their
buy returns for our customers with money work harder whatever stage
specific mentions for our website with they are at in life. We encourage all
its easy navigation, transparency and generations of savers to contact us to
its useful suite of savings calculators. see what account options may best
suit them.”
Sarah Howe, our Chief Customer
Officer, said: “With many reviewing Our Children’s Regular Saver account
their finances after the expense of has been designed to encourage a
Christmas we are delighted that our savings habit from an early age that
‘best buy’ savings accounts have will benefit them throughout their life.
received critical acclaim at these They can save any amount from £5
prestigious awards – the awards to £100 per month in this account. For
have drawn further attention to the more information about this and other
benefits we offer.” Saffron savings accounts please visit:
www.saffronbs.co.uk/savings
9KIDS CORNER
CHILDREN’S EASTER FUN
Can you find all the eggs
Jenny & Rory have collected?
10SORT CODE
OUR SORT CODE IS CHANGING
Due to Government ‘ring fencing’ our sort code is changing.
If you have a standing order set up, make faster payments, or have
given your payment details to a third party to make payments to
your account e.g. The Department for Work and Pensions , you will
need to change the existing Saffron Building Society sort code by
22 January 2021.
We recommend you contact your Bank or Building Society to
update the payment details you use to send payments to us at your
earliest convenience.
NEW SORT CODE: 20-74-21
Why is Saffron Building Society’s sort code changing?
You may have already heard that following the 2008 financial crisis, the UK
government put changes in place for banks to separate corporate and private
customers. This is known as ‘ring-fencing’. As a financial institution, our clearing
bank needs to move Saffron Building Society to their corporate division. As a result,
we have been issued with a new sort code.
What do I have to do?
If you wish to make payments into your Saffron Building Society savings account(s)
via standing order, Faster Payments and/or transfer money online from your bank
account into your Saffron Building Society account, you will need to change the
existing Saffron Building Society sort code by 22 January 2021. We recommend
you contact your bank or building society to update the payment details you use to
send payments to us at your earliest convenience.
What payment methods are affected by these changes?
These changes will affect you if you use one or more of the following
options to pay into your Saffron Building Society savings account(s):
• Standing order
• Faster Payments
• Transfer money online from your bank account(s) into your Saffron Building
Society account(s)
To find out what this means for you, please visit:
www.saffronbs.co.uk/our-sort-code-is-changing/
11AUTUMN MEMBERS EVENT 2017
OUR MEMBERS
On the 28th November 2017 we held and services offered through the
our second Member Event of the year. branch network. The outputs from
Following feedback from previous the qualitative discussions have been
attendees, the event was a structured used to review and consider how the
workshop with focus placed on Society might wish to develop its
understanding what constituted a services and product proposition for
good brand experience, what drives Members. There were a number of
satisfaction for Members and how common threads that came from the
the Society could enhance the use 3 different discussion groups:
Personal service remains core to the proposition Members expect
from the Society
Personal interaction with staff members is a differentiator and important
to maintain
Taking ownership of issues is high on the priority list for Members with
the contact centre singled out for praise in this regard
Trust in the Society is essential. Central to Member trust is our staff; the
personal attention given, staff knowledge and experience
There is a growing need for Members to access retirement advice and
support and they would trust the Society to help with this
These are just some of the insights We always love to hear from Members
from the event with many other ideas about any ideas they may have to
including free Wi-Fi in branches, pop make the Society more relevant and
up shops, rewards for loyalty and appealing and whilst we can not
better processes and forms. All of promise to implement everything, we
the ideas are being considered and do listen and take action where we
filtered into our development plans can.
going forward.
12OUR STAFF DO SOME AMAZING THINGS
IN THE COMMUNITY
Saffron Building Society workshops help
Colchester homeless
A year-long project supporting the Residents have also been given
long term homeless from Colchester the confidence to negotiate with
Night Shelter through CV writing, their bank when needed, with
job interview skills and money others inspired to set up repayment
management workshops has created plans to start clearing any debts.
positive results.
Since attending the sessions one
ex-resident is training as a security
The initiative, passionately guided
guard, another has set up his own
by Claire Jose , Recruitment Business
business and one is going to start
Partner at Saffron Building Society,
volunteering as a first move to re-
has helped night shelter residents
establishing her career in catering
to apply for new jobs, prepare for
which was interrupted by mental
interviews, apply for a bank account
illness – all are making positive
and to learn how to best manage
steps towards finding somewhere
their finances to secure and move
into their own accommodation. permanent to live.
13OUR STAFF DO SOME AMAZING THINGS
IN THE COMMUNITY
Colchester Night Shelter Manager The financial well-being and
Marina Woodrow said: employment related workshops
form part of a wider program of
“ The workshops, run by
volunteers from Saffron
training, development and support
sessions run weekly by the night
shelter for their residents.
Building Society, have been
specifically designed to
help the residents get back
into work, improve their
financial situation and to find If you would like more
a permanent place to live.
The sessions have been information on the
invaluable not just for their
content, but for the boost Colchester Night Shelter, or
they give to those staying want to volunteer or donate,
with us knowing that people
from an outside organisation you can find out more at
care and are taking an
colchesternightshelter.org.uk
interest in them.
”
Claire Hunnable, Community
Business Partner at Saffron
Building Society, commented:
“ We always encourage
our staff to give back to
the community we serve.
It’s rewarding to see
residents from the shelter
moving on to a better
situation – we have been
very pleased to play a
14
small role in this process.
”COMMUNITY HIGHLIGHTS
IN THE COMMUNITY
2017 was a fantastic year for community our Saffron Community Fund grants
at Saffron. Saffron staff alone, raised with a grand total of £18,000 (the
over £6000 for over 28 charities, this highest yet!) We will of course be
was in addition to the £8748 donated up to our normal shenanigans
from our Saffron Building Society including Sports Relief, Macmillan
Community Fund. We re-introduced Coffee Morning and Children in
matched funding for our staff and are Need. You can keep up to date with
proud to say it is here to stay for 2018. our community activity throughout
2018 will bring along more opportunities the year at www.saffronbs.co.uk/
for the community. We have allocated community and by following us on
Facebook.
2017 Community Highlights
January - £8748, Community grants August – Sponsors of the main
awarded. stand at SWTFC, Hosted Greyhound
Homer Suffolk, fundraisers for Cancer
February – Colchester Night Shelter
Research and St Helena’s Hospice.
workshops start, Age UK & Sense
fundraisers. September – Saffron Bouncy
Olympics, 9 Macmillan Coffee
March – Red Nose day, Choir sing
Mornings, Marie Curie, Gauchers
at Jimmy’s Night Shelter, Norfolk &
Assoc, Jeans for Genes and Together
Norwich Oncology dept fundraiser.
in West Essex fundraisers.
April – St Francis Hospice, The
October - Saffron Quiz Night,
Brain Tumour Charity & Marie Curie
Saffron Choir perform at Saffron Hall,
fundraisers.
Apprenticeship event at SWCHS,
May – Crucial Crew Bishop Stortford fundraisers for Saffron Community
delivers to over 700 year 6 pupils, Fund, Halstead Day Centre, Cystic
Midnight Walk for St Helena’s Hospice. Fibrosis and Mind.
June – Volunteer day painting SWTFC November – 24 shoeboxes
main stand, Prostate Cancer UK and delivered for Link to Hope appeal,
Saffron Community Fund fundraisers. fundraisers for Children in Need and
Parndon Scout Group.
July – Saffron Walden Carnival,
Careers fair at SWCHS and December – Christmas Jumper
fundraisers for Accuro and Haverhill Day, last Colchester Night Shelter
First Responders. workshop, fundraisers for St Clare
Hospice, Nelson’s Journey, St
Helena’s Hospice, Kisses 4 Kids and
Uttlesford Food Bank.
15COMMUNITY HIGHLIGHTS
IN THE COMMUNITY
16GIVING YOUR INPUT
MEMBERS’ PANEL FOR FUTURE EVENTS
Members and our community are at the heart of everything that we do.
As a Member, not only do you have rights, but we actively welcome your
contribution and feedback on the running of your Society.
A great way for you to have your say Becoming a Member means that you
is at our Members Events which are are a part of our Members’ Panel
held a few times a year. They are also and can come along to events just
a great way for you to hear about what like these where you can share your
we have been doing and what our future views and experiences with Saffron
plans hold. It also helps us to shape our Building Society.
products and services based on your
feedback. BECOME PART OF THE
MEMBERS’ PANEL
Through small group discussions, we
Join our Members’ Panel today and
share findings with other people who
you will be invited to all future events
have attended. There are always some
held by Saffron Building Society.
light refreshments to keep
people going. To join email
marketing@saffronbs.co.uk
TELL US WHAT YOU THINK ABOUT 10 MINUTES...
We’d love to know what you think about our 10 Minutes newsletter.
Do you find it helpful and informative, or would you prefer us to
tackle other subjects or address issues which we haven’t
yet covered?
If you would like to give us your feedback or let us
have your ideas for future features, please do
let us know. Your input is very important to us.
Please send any feedback or
comments to:
marketing@saffronbs.co.uk
17FIND OUT MORE
Visit us in branch @saffronbs
0800 072 1100 /saffronbs
saffronbs.co.uk
Large print, audio and braille editions of this leaflet are available.
Please call 0800 072 1100.
Always there for our Members. Since 1849.
The information in this issue is correct at the time of going to print March 2018
SBS9773l
Saffron Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial
Conduct Authority and the Prudential Regulation Authority (Financial Services Register no. 100015) except for
Commercial and Investment Buy to Let Mortgages.You can also read
