According to Neil Johnson, PR and policy manager for the Building Societies Association (BSA), the manner in which building societies are regulated means they are able to offer customers attractive products, including potential better mortgage rates.
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He said: “A survey done before Christmas found that of the top 250 mortgages, 75% of them were offered by building societies.”
Johnson also said that savers were turning to building societies as they “sought what they think is a safer place” following events at Northern Rock.
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He added that the way that buildings societies are organised means that they are able to offer greater benefits to their customers, as they do not have shareholders.
Figures released by the BSA revealed that net receipts for building societies had almost tripled in the year to November 2007. The figure standing at £2,348 million in November 2007 compared to £848 million at the same time last year.
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