The Church of England faces backlash over a mortgage scheme that turned a £55,000 loan into a £313,000 debt for a vicar’s widow, raising ethical questions and accusations of profiteering.
The Church of England is currently facing criticism for its role in transforming a £55,000 mortgage, initially aimed at assisting clergy with purchasing homes upon retirement, into a financial predicament that has resulted in a £313,000 debt for the widow of a vicar. The equity-sharing mortgage scheme in question was available between 1983 and 2008 and involved the Church receiving a share of the property’s value when sold. This arrangement has led to significant financial strain for Rose, the widow affected, due to the sharp increase in house prices over the years.
Tessa Norris, Rose’s daughter, has publicly accused the Church of exploiting families like hers for profit, highlighting the stark contrast between the Church’s actions and the Archbishop of Canterbury’s previous denunciations of predatory lending. Despite appeals for assistance or the forgiveness of the loan, the Church has not offered a viable solution, instead suggesting that those in such predicaments consider refinancing their mortgage. The Norris family’s struggle with the Church’s mortgage scheme has raised questions about the ethics and implications of the financially burdensome agreements, underscoring the complexities faced by clergy and their families in securing stable housing in retirement.
