Places for People tackle doorstep credit lenders

Places for People, the property management and development organisation, is offering its customers a range of financial products in a bid to prevent them relying on high interest doorstep credit lenders and to help them onto the property ladder.

In a link up with the Co-operative Bank, the organisation will offer a range of flexible financial products including mortgages, personal and small business loans to new and existing customers.

It is the first time that a major housing organisation has teamed up with a high street bank to offer both loans and mortgages to its customers.

Customers will be able to apply for loans up to 3,000, with monies being lent directly by Places for Peoples newly established finance arm, whilst a range of exclusive Places for People mortgages tracker, discount and fixed-rate will be provided by the Co-operative Bank.

David Cowans, chief executive of Places for People, says he wants to use the organisations size and financial strength to provide a one stop, housing supermarket that delivers products to meet customers aspirations.

He adds: This unique move, together with the Groups wide ranging home and support services, underlines our determination to work with our customers to create sustainable communities.

It will assist us to combat financial exclusion, prevent customers getting in to debt and help people step on to the housing ladder.

The move follows a recent national survey carried out for Places for People, that showed that a lack of suitable mortgages and loans is preventing people from renting or buying a first-time home.

The research, found that 50% of people thought unsuitable mortgages and loans caused significant difficulties for people renting or buying a home.

Chief Executive,
David Anderson, chief executive of the Co-operative Financial Services, says: This partnership is great news for would-be homeowners and will help people take those first important steps onto the property ladder.

This scheme supports the Co-operative Banks commitment to helping first-time buyers. It enables home ownership to be kept affordable by allowing residents to buy a partial share of their home, which can be added to at a later date.