1st
Aug 2022
Bookie’s favourite for PM, Liz Truss, is calling for a mortgage system review so tenant’s rent records would be considered as showing their ability to afford mortgages to help them buy their first home.
Truss claims if she wins the PM race she will remove many of the obstacles stopping people buying their first home.
Recent government figures reveal that over half of current tenants are able to afford a mortgage - however just one in 17 have been able to secure a typical first time mortgage, as many lender’s don’t consider an applicant’s rental payment history as proof of being able to afford a higher mortgage.
Liz Truss has not provided any further details in her speeches prior to the ballot papers being received by Tory members today (Monday 1st August).
She has however issued comments on other housing issues when saying she will stop “top-down Whitehall-imposed housing targets” and “rip up the red tape that is holding back housebuilding.”
Truss’ team says councils will be given responsibility in deciding how many new homes need to be built for their communities.
However there is the caveat that a Truss administration would “work with local communities to identify sites ripe for redevelopment and reduce planning restrictions – turbocharging commercial and residential development”.
Truss added: “As a former councillor, I remember those painful hours sitting through planning committees. I’ll put power back in local councillors’ hands who know far better than Whitehall what their communities want.”
She has already stated that if in the ‘hot seat’ there will be a programme undertaken to build new model towns and industry hubs, similar to Bournville, in the Midlands and Yorkshire.
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