BRITS will be able to use their housing benefit to pay for their mortgages under sweeping reforms to get millions more on the housing ladder. Boris Johnson will today announce the radical shake-up as he vows to finally turn struggling renters into proud homeowners. He will also confirm the extension of ‘right to buy’ to […]
BRITS will be able to use their housing benefit to pay for their mortgages under sweeping reforms to get millions more on the housing ladder.
Boris Johnson will today announce the radical shake-up as he vows to finally turn struggling renters into proud homeowners.
He will also confirm the extension of ‘right to buy’ to housing association homes.
While a new generation of ‘posh prefabs’ will be rolled out across the country to get more renters into high quality but cheap DIY homes.
No10 said: “The Prime Minister will confirm his ambition to unlock the opportunity of home ownership for more people through helping those in a position to buy, to access the mortgage finance they need, ensuring people are incentivised to save for a deposit no matter their financial situation, and improving the supply of housing across the country.”
Currently, people on housing benefit cannot declare it as part of their income when applying for a mortgage.
Read more on housing benefit
The welfare handouts also cannot be used for monthly mortgage payments.
This leaves many working families trapped in rented accommodation, unable to get on the property ladder.
By tearing up this ban, ministers hope taxpayers’ cash will not just go to line the pockets of fat cat landlords but extend home ownership to potentially millions more.
After a bruising week battling to stay at PM, Boris will vow to use the rest of his troubled reign to help grafting Brits get the keys to their own home.
Speaking in Blackpool, he will vow: “Over the next few weeks, the government will be setting out reforms to help people cut costs in every area of household expenditure, from food to energy to childcare to transport and housing.”
