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danlee74

Bournemouth Council To Offer Mortgages

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FFS: http://www.bournemouthecho.co.uk/news/10556062.Bournemouth_Council_to_offer_mortgages_and_business_loans_to_local_people/?ref=mr

Bournemouth Council wants to start a "Bank of Bournemouth" to lend money to businesses and homebuyers.

The council would use £15m of its unallocated capital reserves to set up a Community Finance Company offering business loans and mortgages to local people, if plans are approved by Cabinet next week.

The yet-to-be-named company would be wholly owned by Bournemouth Council.

Still, given their farcical financial history (IMAX / surfreef / + others) I suppose it was only a matter of time before they had this 'brainwave'.

Hey Councillors, why not reduce the Council tax that you charge, leave more earned money in people's pockets and let them spend it however they see fit? Oh yeh, it doesn't fit in with your empire building. Sick.

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Wot, arent there any banks in Bournemouth?

Are there no national lenders allowed past the border of the Republic of Geriatria?

Not sure what to do with £15M?

returns not looking good?

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Returns not looking good?

That's just it. It is not earning anything in the bank, so they are cutting out the bank and lending it directly. Is that such a bad idea?

The biggest problem that I see with this is if they need a couple of million quickly due to flooding, earthquake etc. they will not be able to get the money back quickly.

So, on the surface seems like a good idea, but in reality they may as well just build some new council housing and collect the rent from that.

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FFS: http://www.bournemouthecho.co.uk/news/10556062.Bournemouth_Council_to_offer_mortgages_and_business_loans_to_local_people/?ref=mr

Still, given their farcical financial history (IMAX / surfreef / + others) I suppose it was only a matter of time before they had this 'brainwave'.

Hey Councillors, why not reduce the Council tax that you charge, leave more earned money in people's pockets and let them spend it however they see fit? Oh yeh, it doesn't fit in with your empire building. Sick.

I couldn't see a register of business interests on a councillor's page. Just out of curiosity you could ask the council, under a Freedom of Information request.

I see number 2 in the menu is a Lib Dem anti-planner

http://www.bournemouth.gov.uk/CouncilDemocracy/Councillors/Councillors/CouncillorCarolAinge.aspx

http://www.carolainge.co.uk/page2.html

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A reckless and entirely unnecessary public subsidy for a housing market that's already massively over-extended. When prices correct and borrowers default in number the council will need to be bailed out by central govt at enormous cost. The only reason central govt isn't screaming blue murder is because the loans are consistent with Osborne's murderous house price ramping agenda.

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I'm for regional business banks to help engender growth in their areas, but one set up by a council is a VERY BAD idea. For them it looks like 'free money', put in £15m, leverage up to £150m or more in spending...what could go wrong.

No, these things are a good idea to help keep credit in communities, but they MUST be run on commercial lines, i.e. they are profitable enterprises, not there for pet projects of the local politicos who couldn't get the money any other way.

Oh- and they should definitely NOT be offering mortgages to individuals.

sounds attractive.

But if you have lent £150M, you dont actually have £150m.

unless they lend it to themselves.

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FFS: http://www.bournemouthecho.co.uk/news/10556062.Bournemouth_Council_to_offer_mortgages_and_business_loans_to_local_people/?ref=mr

Still, given their farcical financial history (IMAX / surfreef / + others) I suppose it was only a matter of time before they had this 'brainwave'.

Hey Councillors, why not reduce the Council tax that you charge, leave more earned money in people's pockets and let them spend it however they see fit? Oh yeh, it doesn't fit in with your empire building. Sick.

I suppose if lending money is a good business, then why leave those to the bankers but oh wait...when the loses mount, I presumed the councillors and managers will be held responsible as per latest Vince Cable proposal of holding the director's responsible ?

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  • 238 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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