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What is Building Society

This a mutual organisation which is owned by its members. This comprises of both its savers and borrowers. This does not include shareholders, as this type of organisation does not have any. There have been many changes since they first started operating and now are allowed to raise funds through the money markets since the 1980's.

The main purpose of the building society is to lend money for mortgages or remortgages. It also offers other financial services.

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Term created / updated 2005-10-07 17:29:25

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