How to help struggling home-owners keep their homes: Vince Cable

Yesterday Vince Cable and the Liberal Democrats proposed a series of measures to help tackle the soaring number of repossession:

Vince Cable, the Lib Dem Treasury spokesman, said change was needed urgently to stop the “downward spiral” of Britain’s housing market.

Proposals include a mortgage rescue scheme, which would allow families struggling with repayments to sell all or part of their house to a housing association or private firm and then stay in the property as tenants.

The government should also allow councils and housing associations to borrow money to buy up land and empty new homes “to help replenish Britain’s much-depleted stock of social housing”, the Lib Dems suggest. [The Scotsman]