DAVID Linden has warned the UK Government that homeowners are at risk of becoming ‘mortgage prisoners’ due to regulations on combustible materials.
The SNP MP for Glasgow East said that those living in high rise buildings, which are taller than 18 metres, and medium-rise buildings which stand at less than 18 metres, could be affected by the regulations.
In 2019, research from the Labour party found that 600,000 people living in such properties may not be able to sell their home, due to an inability in confirming the safety of the building’s cladding.
Speaking from the House of Commons, Mr Linden said, “Despite the building safety programme only applying in England & Wales, its advice is still being used by insurance companies and mortgage providers in Scotland to guide their decisions.
“This is leading to many people north of the border ending up in the same position as those south of the border – essentially mortgage prisoners and having properties valued as being worthless.
“This isn’t just an issue of commonality for buildings above 18 metres – It includes those under 18 metres too. Thousands of leaseholders will be impacted by this.
“I want to ensure that the UK Government and the minister have made it clear to lenders and insurance companies that applying this process to Scotland is unfair.
“I also questioned the minister on the archaic and unjust institution of lease holding in England – it is time for the UK Government to follow Scotland’s example and abolish this outdated practice.
“The UK Government must commit to the highest possible safety standards, whilst avoiding problems such as ‘mortgage prisoners’ and archaic practices such as lease holding.”
