Following Chancellor Jeremy Hunt’s emergency negotiations with mortgage lenders, the Liberal Democrats have strongly criticised the announcement of an extended repossession grace period for borrowers.
While the negotiations may have eased repossession pressures for vulnerable borrowers, many criticised the Government’s inaction in relation to the millions of homeowners have struggled with affordability in the face of rising mortgage rates.
Critics pointed out that the Chancellor also failed to acknowledge the rental market, despite the fact that landlords are struggling with rising mortgage repayments and renters find themselves unable to afford monthly rental costs.
Liberal Democrat Treasury spokesperson Sarah Olney MP (pictured) said: “This is a sticking plaster for a gushing wound.
“Even after today, bailiffs will still be knocking on people’s doors because the Government refused to help.
“Struggling families still face the looming prospect of losing their homes because the Government crashed the economy and sent mortgage bills spiralling.”
She added: “Britain is facing a mortgage crisis and we have a Chancellor who simply isn’t up to the job.
“Jeremy Hunt is failing on his inflation target and now failing to help families with the consequences.”
“It adds insult to injury that there is still no help for renters who face unbearable payments. Jeremy Hunt is failing families and pensioners.
“If he is not going to take decisive action then he should step aside.”
