​Mutual bank offers socially responsible mortgage

A new social mortgage by Scotland’s only mutual bank is encouraging third sector employees and volunteers to sign up by donating £250 to their organisation.

Airdrie Savings Bank (ASB) is offering the cashback as part of its wider remit to promote social good in communities across the country.

This is the only 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.

As a mutual, it has no paid trustees, no shareholders to satisfy and a fair wage culture.

The bank doesn’t promote bonus driven lending and invests depositors’ money in an ethical manner and remains Scotland’s last independent savings bank offering loans, deposits and mortgages.

Eight mortgage products are currently available.

We wanted to do something to support the third sector, and its work

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 Re:Investment Trust (SCRT).

The mortgage has been developed with SCRT, and it is third sector organisations that are connected to it that will potentially benefit from this cashback windfall.

ASB’s social enterprise manager, Niall Alexander said: “We wanted to do something to support the third sector, and its work.

“This offer is open to people across Scotland; if you’re in the market for a mortgage and your organisation can show it is connected to SCRT then you can qualify – no catches – you’ll get a great mortgage product and your organisation will benefit too.”