UK mortgage terminology
This article gives descriptions of mortgage terminology in the United Kingdom.The UK mortgage market is one of the most innovative and competitive in the world.[citation needed] Most borrowing is funded by either mutual organisations (building societies and credit unions) or proprietary lenders (typically banks).For a number of years the market operated with minimal state intervention, although this changed at least temporarily following the 2008 nationalisation of Northern Rock,[1] which at the time was one of the country's largest mortgage banks.This has led to a wide range of mortgage types.