Labour promotes mortgage guarantee scheme

The Labour Party’s housing spokesman Lisa Nandy has promoted plans for a mortgage guarantee scheme, similar to Help to Buy.

Based on the party’s rhetoric it seems the scheme – which was first introduced last September – will be reserved just for first-time buyers and would likely exclude buy-to-let landlords and second homeowners.

Nandy pledged to “tilt the balance of power towards tenants with new rights and protections for renters.”

In a video released by Nandy on Twitter, a renter said: “My experience of renting hasn’t been good. Like everyone else, I’ve experienced the same things of rogue landlords and rogue agents.

“I would support Labour’s plans to encourage a mortgage guarantee scheme as most private renters in London are now paying rent that would cover a mortgage.”

Another renter added: “I can’t get in touch with my landlord, they never want to do anything that might involve a little bit of money on their side.”

If Labour was elected the party would launch a charter within 100 days, which would end automatic evictions for rent arrears, introduce the right for renters to have pets, and introduce four-month notice periods.