The Key Ideas

#46 Task the National Housing Company to develop a 'mortgage to rent' system

Housing in Britain has been used as a means of financial speculation and has pushed house prices up to unsustainable levels. At the moment thousands of homeowners in Scotland have mortgages that would be unaffordable if it was not for historically low interest rates (and many people are struggling with housing costs even at those low rates). If interest rates rise, many people may lose their houses to the banks. A National Housing Company should develop plans for a mortgage-to-rent scheme. If people are at risk of losing their house they can convert their mortgage into rent by selling their house to the housing company which would then refinance the housing and rent it back to the same family at a rate more affordable than the mortgage payments. The family would have a life-long right to keep that house and adapt and develop it as if it was theirs. And they will have housing security.