Introduction
The Earl Shilton Building Society is one of the UK’s oldest and most respected mutual societies. Founded in the 19th century, it has grown into a trusted institution for savings and mortgages. Unlike commercial banks, it is owned by its members and runs for their benefit rather than for shareholders.
In this article, we will explore the society’s history, branches, products, financial strength, and community values. By the end, you’ll understand why this small but powerful mutual remains an important choice for savers and borrowers in the UK.
What is Earl Shilton Building Society?
The Earl Shilton Building Society is a mutual financial institution based in Leicestershire. Being mutual means it belongs to its members. Each member has a voice, and profits are reinvested to provide better services.
The society is different from traditional banks. Instead of chasing large profits, it focuses on fair lending, reliable savings products, and community support. This people-first approach has made it stand out among the 42 building societies still active in the UK.
History and Origins
The society was formed in 1856, with its first subscriptions collected in January 1857. Its original purpose was simple: to help people save money and build homes. Back then, housing opportunities were limited, and building societies gave ordinary people a fair chance to own property.
Over the years, the society grew steadily. In 1896, it was officially registered under the Building Societies Act. More than 160 years later, it continues to support local people while adapting to modern financial needs.
Branches and Locations
Today, the society operates mainly in Leicestershire. Its head office is in Earl Shilton, with an additional branch in Barwell. While it may not have a large national presence, its smaller size allows it to stay closely connected with its community.
Members often praise the personal service. Instead of dealing with call centers, they get direct help from local staff who know their needs.
Financial Strength and Membership
Despite being one of the smaller building societies in the UK, the Earl Shilton Building Society is financially strong.
- Assets: Over £180 million (as of 2024).
- Members: Around 15,000.
- Employees: Nearly 40 staff members.
In terms of market share, it is the second-smallest UK building society by asset size. But small does not mean weak. Its stability, careful lending, and loyal membership base show its reliability.
Products and Services
The Earl Shilton Building Society offers a wide range of financial services designed for savers and borrowers.
Savings
Members can choose from:
- Instant access accounts
- Notice accounts
- Cash ISAs
- Children’s savings accounts
These products encourage saving habits while offering competitive interest rates.
Mortgages
This is where the society shines. It provides mortgages that many high-street banks would decline. Examples include:
- Self-build mortgages (for people building their own home).
- Interest-only options.
- Lending into retirement (repayment allowed until age 85).
- Properties with agricultural ties or Section 106 restrictions.
- Gifted deposits or equity mortgages.
Instead of relying on credit scores, each application is judged on its individual merits. This flexible approach has made the society especially popular with people who don’t fit the standard borrower profile.
Insurance and Wills
The society also partners with trusted providers to help members with home insurance and online wills.
Mortgages at Earl Shilton Building Society
Mortgages are often the highlight of the society’s offerings. Unlike big banks, it does not use automated credit scoring. Every borrower is treated as an individual.
For example, someone planning a self-build project may struggle with traditional lenders. But Earl Shilton Building Society has long experience in this area. The same applies to older applicants, those with gifted deposits, or those buying unusual properties.
This human approach to lending is rare today and makes the society stand out.
Community Involvement and Mutual Values
As a mutual, community support is at the heart of everything the society does.
- Members can take part in a token collection system where they vote for local charities to receive donations.
- The society works with Action Homeless, a charity tackling housing insecurity in Leicestershire.
- It regularly supports schools, events, and local initiatives.
By staying local and connected, the society shows that finance can be both responsible and caring.
Regulation and Security
Like all UK building societies, it is fully regulated.
- Authorized by the Prudential Regulation Authority (PRA).
- Regulated by the Financial Conduct Authority (FCA).
- Member of the Building Societies Association (BSA).
Member deposits are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per depositor. This gives members peace of mind that their money is safe.
Awards and Recognition
The society has been recognized for its specialized mortgage work. In 2025, it was awarded Best Self Build Mortgage Lender. This award highlights its reputation for handling complex cases and supporting people with unique borrowing needs.
Why Choose Earl Shilton Building Society?
There are many reasons why people choose this mutual over bigger banks:
- Personalized service instead of automated systems.
- Flexible mortgage options for people in special circumstances.
- Local focus, supporting community projects.
- Safe and regulated, with FSCS deposit protection.
- Long history of trust, serving members since 1857.
For anyone looking for a more human approach to savings and mortgages, the Earl Shilton Building Society is a strong option.
How to Join or Open an Account
Becoming a member is straightforward. You can:
- Visit the Earl Shilton or Barwell branches.
- Apply through the society’s official website.
- Contact the team for mortgage guidance.
Membership is open to anyone who meets the basic requirements. Unlike banks, the society is not about selling products—it’s about building long-term relationships.
Future Outlook
While the society is small, its outlook remains strong. With assets growing, membership rising, and new technology being adopted, it continues to balance tradition with modern needs.
Its biggest strength is staying loyal to its founding mission: helping people save and own homes while supporting the local community.
Conclusion
The Earl Shilton Building Society may not be the biggest, but it is one of the most trusted and community-focused mutuals in the UK. With a history stretching back to the 1850s, it has stood the test of time by putting members first.
Whether you are looking for a safe place to save, a flexible mortgage, or a society that invests in local causes, Earl Shilton Building Society offers reliability and care. In a world of digital banks and impersonal service, it reminds us that finance can still be human, fair, and community-driven.
