LETTER: Empty homes blight due to ‘blinkered thinking’

We are a company that specialises in rescuing empty properties. We would assert that one of the reasons there are so many empty properties has to do with a lack of imagination and blinkered thinking by not only sellers but also Burnley Council.

We promote a scheme where properties can be purchased without having to beg for money from a bank. The scheme is simple. The seller and buyer agree on a price for a property. Then the price is divided into a term of years and the buyer pays the purchase price over the term. So for example, a house is to be sold for £60,000. This is to be paid over 10 years or £6000 per year, which is £500 per month.

The seller has a charge on the property and all powers of a bank mortgagee until all the money is paid. Thousands of people unable to obtain a bank mortgage could buy properties. However, people are so fixed on lending from banks that the scheme is rejected and properties remain empty. Burnley Council has rejected the scheme for houses it owns and cannot sell and all local estate agents reject the scheme.

The banks have a stranglehold on mortgage lending and not only this but also a psychological hold on the property market. Our scheme empowers individual sellers and buyers and bypasses the banks.