Housing repossession "should be very last resort"
October 11, 2008 7:39 PM
Banks repossessing homes should be an absolute last resort, say Liberal Democrat campaigners in Wantage and Didcot. Parliamentary spokesman Alan Armitage has backed calls by Lib Dem Shadow Chancellor Vince Cable MP to demand that banks do everything possible to help people stay in their homes. Too often banks have people who miss mortgage payments, often because they have lost their job, thrown out onto the street.
"Many people remember the horrors of repossession and eviction under the last Conservative government," said Mr Armitage. "Now that the economy is going sour under Labour, the last thing we want is a repeat of the terrible Tory years."
Liberal Democrats have put forward a package of policies to help struggling households stay in their home. These include:
- Selling part of the equity in their home to the Council or housing association and but then renting it back;
- Allowing councils to buy completed or partly completed new homes that cannot be sold so that they can be rented out to residents who can no longer get a mortgage.
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