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.
Since 1982, when the market was substantially deregulated,[2] there has been substantial innovation and diversification of strategies employed by lenders to attract borrowers. This has led to a wide range of mortgage types.[citation needed]