GOVERNMENT MUST DO MORE TO HELP THOSE FACING REPOSSESSION (North Shropshire Liberal Democrats)

North Shropshire Liberal Democrats <roma.hoseason@btinternet.com>

GOVERNMENT MUST DO MORE TO HELP THOSE FACING REPOSSESSION

October 21, 2008 12:12 PM
Originally published by West Midlands Liberal Democrats

Solihull's MP, Lorely Burt today joined Liberal Democrat colleagues in parliament calling for Government to do more to help the increasing number of homeowners at risk of repossession across the region as a result of the current economic crisis.

Last week, Mrs Burt highlighted new figures revealing that home repossessions in Solihull, Birmingham, Coventry and Warwickshire were up 21% on last year, higher than the national average and set to rise even further for the second half of the year.

Housing Minister Iain Wright MP was asked to do more to help families struggling with, amongst other things, their mortgage their repayments.

Lorely is calling on the Government to:

Give greater support and freedom to Local Authorities and Housing Associations to develop mortgage rescue schemes
Extend the pilot 'Rent to HomeBuy' scheme to give more struggling families access to an affordable mortgage
Introduce a binding pre-court protocol to ensure that repossession is always the last option for mortgage lenders

Commenting, Lorely said:

"The bank rescue package will help, but a housing rescue package for the most vulnerable across the region is essential.

"There is a tremendous amount which the Government can do to avoid repossessions and help those desperate for a decent home of their own. This would also help to stabilise the local market.

"We must make it clear to lenders that repossession is a very last resort, never a first recourse, and the Government should if necessary help staircase householders out of home ownership, by enabling them to sell a share of the equity in their property to a housing association."

ENDS