New Fund Will Help More Tenants to Become Homeowners

Council tenants unable to take up their Right to Buy will have the help they need to become homeowners under plans announced by Brandon Lewis. The Housing Minister announced that 42 councils will each receive a share of nearly £20 million to help tenants with the Right to Buy to buy their own home on the open market. The Right to Buy Social Mobility Fund will particularly help those looking to move for work, to be nearer to family, or those whose properties are difficult to mortgage. The Fund will allow tenants to apply for £20,000 outside London, or £30,000 in the Capital, towards buying a new home. Just under half of the fund has already been allocated to local authorities. One third of councils receiving a slice of the Right to Buy Social Mobility Fund are London boroughs, according to a list of successful bidders. Read more on the CLG website.