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Building societies cam about over 200 years ago as local organisations to
fund the construction of houses for members of the community. Members
would contribute until a house could be constructed, which was then
assigned to a member. Building societies then expanded until the Building
Societies Act 1962 allowed them to commence some banking activities,
from which they advanced to operate similarly to banks. The key
difference between a retail bank and a building society now is that a
building society is run for the members rather than for shareholders, as
anyone with savings with a building society is considered a stakeholder.
The central purpose of building societies in the last century has been the
provision of mortgages, to replace the contributory fund, which relied on
others. A mortgage is a loan secured against a property, usually the
property the mortgage is for, and enables the purchase with a repayment
set over a time period[12].
There are several different types of mortgage products available, like a
fixed rate mortgage, where the interest rate is fixed for a set term. One
such product is
[1] - http://en.wikipedia.org/wiki/Consolidated_Fund
[2] - http://www.oxforddictionaries.com/definition/english/Consolidated-Fund
[3] - http://www.investopedia.com/terms/g/governmentsecurity.asp
[4] - http://robertleach.co.uk/wp-content/uploads/2011/05/Quick-guide-to-legaltender3.pdf
[5] - http://www.bankofengland.co.uk/monetarypolicy/Pages/overview.aspx
[6] - http://www.investopedia.com/terms/q/quantitative-easing.asp
[7] http://en.wikipedia.org/wiki/Transactional_account
[8] http://www.santander.co.uk/uk/current-accounts/123-current-account
[9]
http://www.barclays.co.uk/Savings/ISAs/2YearFlexibleCashISAIssue4/p1242663711586
[10] http://www.chequeandcredit.co.uk/cheque_and_credit_clearing/the_clearing_cycle/
[11] http://en.wikipedia.org/wiki/standing_order_(banking)
[12] https://www.nationwide.co.uk/guides/buying-and-owning-a-property/first-timebuyers/understanding-mortgages-the-basics