Building Society
Building Society: Savers' money lent to homebuyers. A building society is owned by its members, borrowing from savers and lending to people buying homes, and…
Savers' money lent to homebuyers. Take a town's savings and lend them for its mortgages.
A building society is owned by its members, borrowing from savers and lending to people buying homes, and the gap between the two rates pays for the branches. The 1930s housing boom makes the big societies very big. Rates are agreed across the societies for decades, the 1986 Act lets them act more like banks, and many convert and disappear.
- Setup costs
- £1,100,000 to £16,500,000
- Competition
- Medium
- Category
- Money & Insurance
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