Scarborough History & Key Facts

Scarborough Building Society was formed in May 1846 - making us the oldest building society in Yorkshire and the second oldest in the UK.

At that time we were known as ‘The Scarborough and North and East Yorkshire Permanent Building and Investment Society’ and it wasn't until 1903 that our current name was adopted.

The Society's initial objectives were to provide a safe haven for investors' money - and the finance to enable people to build or buy their own homes. The original investment rate was 5% and the first mortgage was for £120. These objectives still hold true today with our commitment to mutuality.

In 1939, the Society opened its first Head Office when York House was built in York Place, Scarborough, providing both office accommodation and a full branch. York Place remained in the business as a branch until 2006 when Scarborough's premier town centre branch was relocated to Westborough (on the main street in Scarborough's town centre).

The first Scarborough Building Society out of town branch was opened in Bridlington in 1955, and from then onwards new branches were opened throughout Yorkshire and into Teesside and the East Midlands. Our present nine-strong branch network continues to be a central part of our expanding business.

Direct postal and telephone services were embraced in the early 1990s and our Investments Direct Service was created in 1991, taking the Scarborough investment brand to the whole of the United Kingdom. In 1998 our direct service for mortgages was formalised with the opening of our Direct Mortgage Centre, which has been an outstanding success.

Whilst a great deal has changed in our long history, Scarborough Building Society remains committed to mutuality and will continue to provide the true value of a leading regional building society. Our assets now exceed £2.3 billion, making us the 17th largest building society in the UK.

The Scarborough Group now consists of the core building society and a range of complementary subsidiary companies and has assets under management of over £4 billion.

Some Key Facts About The Scarborough

1. We are a successful regional Society with a national reach.
2. We are Britain’s 17th largest society, with Group assets under management of over £4 billion.
3. The Scarborough Building Society Group is made up of Scarborough Building Society; Scarborough Mortgage Services (SMS), which administers mortgages for major clients; our asset trading arm, North Yorkshire Mortgages Ltd; and Scarborough Channel Islands Limited (SCIL), our offshore deposit-taking subsidiary.
4. Established in 1846, our years of experience make us a safe and secure choice for every family’s lifelong financial needs.
5. As an independent mutual, we put our members first through a simple range of products ensuring them a long term fair deal and a commitment to personal service.
6. With nine branches, covering a ‘heartland’ area from Nottingham in the south to Middlesbrough in the north, enhancing and expanding our customer-facing network is a key aspiration.
7. Our contact centre operation, Scarborough Direct, also offers a telephone and web-based service to more than 120,000 mortgages, savings and insurance customers nationwide.
8. Supporting mortgage intermediaries is a major commitment, through fresh IT solutions, new product development, forging new partnerships and offering a personal service.
9. We are committed to transforming our local communities by delivering a Corporate Social Responsibility policy encompassing cash sponsorship, staff volunteering, environmentally friendly practices and investment in our people.
10. We believe in leading by example and being different through our professionalism, innovative products, systems and infrastructure, and the way we do business.
11. An Investor in People with an achievement culture, we strive to be an employer of choice by offering fair pay, opportunities for training and career development, recognition for outstanding performance and attractive benefits.