In a bid to shield homeowners from property repossessions, Scottish Labour has called on the Scottish government to take decisive measures.

This plea follows the lead of Sadiq Khan, Labour's London Mayor, who implored the UK government to intervene in aiding the 34 percent of London mortgage holders expected to face arrears next year.

Based on an analysis of the latest financial data, the Labour Party has revealed that up to 6,900 Scottish households are currently dealing with mortgage arrears. With interest rates at their highest levels since 2008, coupled with ongoing wage stagnation, elevated inflation, and the withdrawal of energy price subsidies, there's a looming concern of a perfect storm that could trigger a surge in repossessions.

In response, Scottish Labour is urgently requesting the SNP-Green government to take proactive measures to extend support to those at risk of losing their homes. The party's housing spokesperson, Mark Griffin, has proposed bolstering the Home Owner Support Scheme with increased funding to expedite application processing. Additionally, Griffin suggests renewing the Mortgage to Equity program by lowering the equity stake requirement for struggling homeowners.

Griffin emphasized, "It's crucial that we establish a strong safety net to prevent home loss, given the ongoing cost-of-living crisis and rising mortgage rates. The SNP has had ample time to adopt our plans and revamp the available support for those facing repossession. Unfortunately, their focus seems to be on spin rather than tangible solutions."

Responding to these calls, a spokesperson for SNP housing minister Paul McLennan commented, "The responsibility for this mortgage crisis lies with Westminster, due to the cost-of-living crisis and the detrimental Brexit that Labour supports. Labour should recognize that they need to either come up with solutions at the UK level or acknowledge that with independence, Scotland could not only address this immediate crisis but also create a fairer and more prosperous nation to prevent similar crises in the future."