Setback for bank launch
Plans to launch a £175 million shared ownership bank have suffered an early setback after an initial meeting was called off due to lack of interest.
A meeting of landlords interested in the scheme, which could provide enough funding for 3,000 mortgages, was due to take place last week. It was hoped that around a dozen associations would attend to discuss contributing £120,000 towards a research and development fund.
The bank, led by consultancy Tribal, is now less likely to launch in the spring as first hoped. It is understood that around half a dozen landlords are still committed to the scheme including Orbit. Landlords who have pulled out include Moat and Affinity Sutton.
David Hall, director of Tribal, said he was confident the bank could still go ahead.
He said: ‘We have had interest from a number of associations and we are still talking to the others, we need to