You are here: Home - Mortgages - First Time Buyer - News -

Truss pledges to help renters become homeowners

0
Written by: Anna Sagar
01/08/2022
Prime ministerial candidate Liz Truss said she will “break down barriers and unlock the opportunity of homeownership” for millions of tenants by allowing lenders to accept rent in affordability checks.

Truss is reported to have said too many young people were struggling to get onto the housing ladder and were only fulfilling their homeownership goals later in life.

She said this was a problem not just for the Conservative Party, but for the future of the country.

Truss also pledged to scrap national housebuilding targets of 300,000 homes per year that were introduced in 2019 by the Conservative government.

Instead she would allow local councils to select how many homes their communities needed to be built.

Truss added that her administration would work with local communities to identify appropriate sites for redevelopment and cut back on planning restrictions.

The announcements come after outgoing Prime Minister Boris Johnson said he would launch a review into the mortgage market and mooted extending Right to Buy to housing association tenants and permitting people on housing benefit to pay a mortgage.

Johnson had also suggested intergenerational 50-year mortgages.

The foreign secretary had previously pledged a range of tax cuts, including reversing the increase in national insurance and a temporary moratorium on the green energy levy.

However, rival for the Prime Minister role, Rishi Sunak, said these tax cuts could put mortgage holders “into misery” as her plans could push interest rates up to 7%.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Autumn Statement: Everything you need to know at a glance

Yesterday Chancellor Jeremy Hunt made his first fiscal statement in the role, outlining a range of tax measure...

End of Help to Buy: 10 alternatives for first-time buyers

The deadline for Help to Buy Equity Loan applications passed on 31 October. If you’re a first-time buyer who...

Moving to an energy prepayment meter: Everything you need to know

As households struggle with the soaring cost of energy, tens of thousands of billpayers are expected to move o...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week