People power in action - Santander backs down under Renters Rising pressure
Posted by Natalie Bennett on 19th February 2017
Yesterday I joined the Sheffield group of Renters Rising, on what was to have been a protest march.
Instead, it was a celebration!
The object of the event was the giant multinational bank Santander, which it had been found had a clause in its "buy to rent" mortgages saying that borrowers had to maximise the rent they were attracting for the property as a condition of the loan. That's the bank doing its utmost to push already unaffordable rents even higher.
The plan was to have protests focused on Santander around the nation to highlight this. But a couple of days after this was announced, Santander backed down, saying they would remove the clause from future mortgages.
So we enjoyed a celebration - and a reminder of the possibilities of people power! (It was a demonstration that placards can take many forms, including cardboard box "houses"...)