24 May 2007
Building Society members' recommendations could prove profitable
Saffron Building Society is encouraging its members to refer a friend to the Society's products and services through a new reward scheme.
And if members' friends also take part in the Society's new mortgage challenge, they could find themselves even better off.
Once the friend completes a mortgage, personal loan or home insurance product with Saffron, the member recommending them will receive a cheque for £25. Members can also receive between £5 and £25 for recommending the Society's savings accounts.
Those looking at Saffron's mortgages on the advice of a friend may also be well served by the Society's mortgage challenge. If the Society cannot beat a prospective customer's existing mortgage, from one of the five main high street lenders, they will receive a cheque for £100.
If the customer can get a better deal through Saffron and goes on to complete the mortgage, they will receive a cheque for £250. Members and friends can even join forces to earn the rewards, with members receiving £25, while the friend could get £250.
Andy Golding, Saffron Building Society chief executive, said: "As a mutual building society, our members are at the heart of everything we do and it's great to be able to reward them for their loyalty in this way.
"We're confident in the value of our mortgages and have introduced this mortgage challenge to show how, when it comes to financial products, bigger isn't necessarily better. The national high street banks and building societies can make a lot of noise regarding their products, but it really does pay to shop around.
"Of course, a mortgage is a large financial responsibility and you should seek advice before making any financial decisions."
