Building Societies

The building society is one of the most used and yet probably least understood of all the financial organisations at present operating in this country. The vast majority of families within the United Kingdom have a desire for a home of their own for whatever reason—status, security, pride of possession, or as a hedge against inflation. Few can afford to purchase their “dream house” outright and, therefore, it is the building society which generally provides the loan or mortgage. In fact, building societies are currently providing nearly 90 per cent of all mortgages granted for house purchase.