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Self Employed Youth

Mutualism Amongst Hpc'ers

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HPC'ers should form their own building society.

Collectively purchase properties with the communal cash. The market rent on said properties being paid into the pot until all in the group own. Disband.

Just a hundred men could form a collective, each with a 1% deposit, they could purchase a property outright and have an investment favourable to a mortgage.

A HPC collective could easily destroy the nouveau mortgage market and ave HPC'ers a fortune.. ph34r.gif

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HPC'ers should form their own building society.

Collectively purchase properties with the communal cash. The market rent on said properties being paid into the pot until all in the group own. Disband.

Just a hundred men could form a collective, each with a 1% deposit, they could purchase a property outright and have an investment favourable to a mortgage.

A HPC collective could easily destroy the nouveau mortgage market and ave HPC'ers a fortune.. ph34r.gif

Yes, let's do it. The old Building Societies would alot mortgages by... lot.

ie each person add a sum, then the lucky winner gets the chance to take the mortgage or turn it down if the time is wrong. Repeat and rinse until someone says yes, or only include those who express an interest in buying.

Maybe limit the mortgage to £150,000 maximum with a 10 year repayment term (overpayments welcome), so as more savers join, more mortgages offered - the money isn't tied up for 25 years (maybe averaging only 8 years).

Saving members might elect to receive some kind of financial security instead of interest. This could be used to get extra funds above the limit or offset the repayment. One would hope this would be tax efficient.

Some saving members might only want to tie their money for a shorter time, not sure what to do with this:-

instant access:

money market (hmm), lend out and hope more savers appear when needed to repay

< 1 year:

?????????

1-5 years:

offer personal loans - preferably secured against an asset even if just a car or a kitchen (!?) - "Hello Mrs, I've come to disassemble your kitchen and put it on ebay"

5-10 years:

mortgages

Now how to find out about statrting a building society?

[edit: formatting]

Edited by NorthamptonBear

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nice idea,but there'd be a massive counter party risk.

besides,if the threads here are anything to go by we'd be arguing like f***

No we wouldn't, how dare you say something like that you tw@....

Sorry I see your point. :P

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If you want to look into what you need to do to set one up then go for it.

If you can offer a nice rate of interest on savings then you will be inundated.

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Why stop there ?

Let's have an hpc'ers currency .. 'the Eric'

or for long term hpc'ers ' the Monkey' (with it's millions and millions of notes)

A little used & despised fiat currency 'the Sibley'

;)

I would like the irony of having the currency in Injin dollars. :lol:

Edit: As long as Injin wasn't in charge of the printing presses.

Edited by The Generation Game

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Extended Asian families in the UK have been doing this for years to buy houses, mercs and BMWs

It's worked for them.

The idea goes back to the 19th Century. These institutions were known as 'Terminating' as opposed to 'Permanent' Building Socities. I'm sure someone can find an appropriate logo..

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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