Empty Homes Network

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Submitted by David Gibbens on 6 Oct 2014 - 09:38

The Lloyds Group has made a strategic decision to allow its borrowers to put their homes into leasing schemes. This is a victory for common sense and is the culmination of a significant effort by the Empty Homes Network and by influential people within the bank itself.

The decision by the governing powers within the bank will take a while to filter through to all the operational levels - the analogy with turning round an oil tanker is a fair one given the size of the bank - but the process is underway. And because the bank is so large, with over 25% of the UK mortgage market, the significance of this move is correspondingly greater. It establishes a reference point within the mortgage market that will influence others. 

Meanwhile Lloyds Group banks - including major players such as Halifax - can utilise this new flexibility to promote their products: borrowers can see that their loans are being future-proofed against changes of circumstance that might involve...