Are We Headed For A UK's People's Bank

The government are heading further towards their plans of establishing a ‘People’s Bank’ according to recent reports. In their latest scheme to improve the UK property market, the government have announced plans to transform over 11,500 Post Offices across the UK into a new national bank which will aim to enable property owners on low incomes to save and improve their credit ratings.

And looking at their plans it would seem that the government have thoroughly thought this through…

Aside from injecting over £181.7 million into this project - which they believe will become ‘a leading player in the financial services’ - they have also planned to expand the existing financial industry immediately by first offering first time buyers a new mortgage product of a 90% LTV.

By supplying first time buyers with the means to climb onto the property ladder, property advisors believe they will supply a much needed boost to the recovery of the property market.

Yet this 90% LTV is just the beginning… In the next year the government wants to double the value of the Post Offices mortgage book as well as:

• Introduce a weekly budgeting account to help property owners on low incomes to manage their household budgets
• Offer a children’s saving account
• Encourage low-paid workers to save by contributing 50p to every £1 they save in their new Saving Gateway account

Original Article

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Jatinder Singh, Property Mentor Delegate

After years of watching others earn large capital gains from property, I knew reading about this niche wasn't enough to satisfy my curiosity, I needed to get MY slice of this strong investment vehicle too. That was x years ago and since then I have managed to: invest in 2 properties (one with a £60,000 saving); earn consistent £1,000+ monthly cash flows, and have got a couple more properties waiting in the pipeline. Read more