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First Northern Rock borrower loses home

Christina Georgiou's home is being repossessed because she cannot afford to keep up the repayments on her £360,000 mortgage.

And every day, there will be more like her, facing a bleak future after being thrown out of their homes by the Government because of the disaster which overwhelmed Northern Rock. Today Mrs Georgiou becomes the first victim to go public out of the thousands of borrowers the taxpayer-owned bank is evicting as its reckless lending comes home to roost.

Her plight is symbolic of the crisis and, at a time of economic gloom, the sight of a Labour Government effectively forcing people from their homes is likely to be politically explosive.

Mrs Georgiou and her three children have a month to get out of their five-bedroom home in Goff's Oak, Hertfordshire.

The 38-year-old and her husband, from whom she is now estranged, took out a loan for around £300,000 with Northern Rock in 2006.

They were given the money despite relatively low earnings - Mrs Georgiou earns less than £100 a week working part-time in a cafe and her husband is a taxi driver.

In an astonishing twist, they were handed an extra £60,000 by Northern Rock on September 20 last year. This was days after customers queued outside branches in the first run on a British bank for 100 years.

Despite begging £27bn from the Bank of England, the former building society was apparently handing out taxpayers' money to borrowers without any proof they could keep up with the repayments.

Mrs Georgiou knows she is not without blame. She said: 'People have to be responsible for their own actions. But if a bank is saying, "You can have all this", it is very tempting. For this generation, it has become too easy. Northern Rock should have done more checks. They just willy-nilly gave money away. Yes, we are responsible, but I don't think there are enough regulations.'

The Liberal Democrats said her case was an example of the 'grossly irresponsible' lending of 'toxic' loans to people who never had a hope of repaying their debts.

2008-06-23