Liz Truss has vowed to “unlock” home ownership if she is made Prime Minister by helping renters prove they are ready to take on a mortgage.
The Tory leadership contender said she would “break down barriers” to support people keen to get on the housing ladder, allowing more tenants to demonstrate their ability to buy a home. According to the Government, more than half of today’s renters could afford the monthly cost of a mortgage, but various constraints mean only 6% could immediately access a typical first-time buyer mortgage.
The Truss campaign said this is because the majority of lenders do not currently take someone’s ability to pay a certain amount of rent as proof that they can afford to pay a higher mortgage, pricing them out of buying a home. Through an upcoming Government review of the market, the Foreign Secretary would allow rent payments to be used as part of the affordability assessment for a mortgage.
