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The pros and cons of mutual building societies - over banks and other mortgage lenders

Building Society Pros:

· Owned by the members – members have a direct say in decision making.

· More democratic. Every member has a vote

· Works for the interests of the members, not of the shareholders and financiers.

· Often offers better saving and borrowing rates.

· An investment for the long term – offering security and dependability.

Building Society Cons:

· While democratic in theory member control is often a myth with the real power resting with managerial cliques.

· Members’ share is locked into the society. One of the arguments for demutualisation is that the members’ share is freed up in the shape of a windfall.

· Members bear the risks, as well as the rewards, of the market and are not protected by the shareholders or limited company status.

· There is no access to external equity capital which societies argue is essential to competing in the modern financial market.



To read more on this subject please see the list below or your mortgage guide or your home buying guide

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