UK Money News
26th March 2008
Building societies in "good position" to continue new mortgage lending
Customers of building societies have been advised to stay calm in the face of news that some have shored up lending for new mortgages, according to the Building Societies Association (BSA).
Neil Johnson, spokesperson for the BSA, said that because building societies rely on members' contributions for their funding rather than inter-bank lending, they are in fact in a "very good position" to continue lending compared with banks.
Mr Johnson explained: "Because building societies are largely funded by retail deposits rather than wholesale markets…the problems in the wholesale markets haven't affected them in the same way that they've affected banks.
"And as people start to save more, [building societies] are actually in a very good position."
According to reports released earlier this month, five building societies have halted or restricted new mortgage lending in the face of an influx of new customers.
BBC Online named these as The Bath, the Earl Shilton, the Newbury, Melton Mowbray and the Tipton & Coseley.
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