The Intermediary – April 2025 - Flipbook - Page 3
From the editor. . .
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025, as many will already be well
aware, marks 250 years since
the formation of the UK’s first
building society. A typically British
institution in so many ways, the
first building society was, of course,
founded in that most sacred of our institutions,
the local pub.
While the Golden Cross Inn may no longer
exist, many of its ilk still do. In fact, plenty of
those reading this magazine will have spent some
of the sunny Easter long weekend with a cheery
pint in an establishment that, thanks to our
love of preserving history, and our unwavering
preferences when it comes to drinking holes,
harks back to those days – or even older.
I can personally pretend my ill-spent years as
a student in York had a slightly more respectable
air because we were drinking in pubs that, in
some instances, had been serving patrons since
the 1600s. There were fewer Jäger-bombs back
then, of course.
In one sense, then, it isn’t all that hard to
cast our minds back to the seing of those early
building society meetings.
Most of us will have had our fair share of
rousing social discussions with peers in the snug
of an old pub, and we’ve all had our own highminded business ideas aer too many pints.
It’s also not hard to imagine a time when the
people siing in those pubs were watching the
world change drastically around them, leaving
them wanting more control, greater security,
and a more meaningful say in politics and public
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discourse. One might even argue that it all
sounds eerily familiar.
While many of our pubs seem to be preserved
in time, and our politics along with it, the truth
is that the world has changed vastly since Richard
Ketley first set out his idea, and so have building
societies. They have progressed through periods
of growth and contraction, and at times it has
seemed as if the writing was on the wall for the
mutual model.
Nevertheless, our feature this month explores
why this model is just as important a part of the
British financial and social structure as ever.
Indeed, as we increasingly focus on factors such
as consumer protection and sustainability,
the role is clear. I would argue this goes even
further – in the midst of what is seemingly an
increasingly cruel and violent global narrative, it
is natural that a model that espouses something
more than profit for profit’s sake resonates.
You’re welcome to disagree with me in a rousing
debate down the Coach and Horses.
Throughout the magazine, you’ll spot thought
leadership from building societies on everything,
from residential and buy-to-let, through to later
life lending and technology. Meanwhile, there’s
always more to be found within our pages, from
analysis of the Renters’ Rights Bill as it speeds
through Parliament, to changing development
trends, high-net-worth banking, affordability
for first-time buyers, and much more. ●
Jessica Bird
@jess_jbird
@IntermediaryUK
Contributors
The Team
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OPINION ⬛ Expert insight
across residential, buy-to-let,
specialist finance, and more
Q&A ⬛ The Cumberland on
broker relationships and the
evolving holiday let market
BROKER BUSINESS ⬛ From
choosing the right model to
tips for complex cases
The
Intermediary.
www.theintermediary.co.uk | Issue 27 | April 2025 | £6
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PAST, PRESENT AND
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The social impact of 250 years of building societies
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