Radical Routes plans to free housing co-ops from the mortgage trap

Radical Routes is developing a new model for co-op housing to expand the number and type of homes in co-operative ownership and prevent carpetbagging.

The ‘co-op cluster’ will enable groups of housing co-ops to save up and buy new properties outright, eliminating mortgage interest. It will make it easier to invest in new types of co-op housing, including self-build, large renovations, sheltered housing and land-based projects.

Early projections, based on the mortgages of current, nearly mature Radical Routes housing co-ops, show an initial pilot cluster could accrue more than £400,000 in its first 15 years and grow from two co-op members to seven.

Read the full article at Co-operative News

 

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