The Chief Executive of Bromford Housing Group has written an open letter to the Prime Minister, warning that the government must consider the long-term impact of expanding the right-to-buy scheme. In his letter Mick Kent prompted Mr Cameron to, 'consider the lessons of the past to ensure a positive long-term future for those making the move from tenant to homeowner.' Mr Kent cites a 2009 Consumer Focus survey of almost 2,000 mortgage holders, finding that, 'right-to-buy homeowners were twice as likely as others to have difficulties in maintaining mortgage payments.' An interesting point is that right-to-buy owners were found to be twice as likely to have other loans secured against their homes, and were at greater risk of repossession. Mick Kent suggested that plans should be put in place to ensure homeowners do not find themselves in a worse position than before buying their council home. Read the full letter on the Guardian website.
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