Best Buy Mortgages Glossary - Building Society
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Building Society
A building society is a mutual organisation owned by its
members - its savers and borrowers - and not by shareholders.
Its traditional purpose was to lend money to individuals to
purchase or remortgage their homes. This money used to come
exclusively from individual saving members who are paid interest
on their deposits. Now, an increasing proportion, but still a
minority of the funds are raised on the commercial money
markets.
Since the early 1980s there has been a progressive relaxation of
the rules governing the sources from which building societies
may raise money for lending. It was an attempt to allow
societies to compete more effectively with banks and other
specialised lenders.
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