Boris Johnson unveils radical housing shake-up using benefits to help pay mortgages

BORIS Johnson is today unveiling a housing bonanza to help wannabe homeowners get a foot on the property ladder.

In a radical shake-up to give poorer Brits a leg up, claimants will be able to use their housing benefits to pay for mortgages for the first time.

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Right-to-buy schemes first pioneered by Maggie Thatcher will be expanded so housing association tenants can purchase their homes.

And mortgage deposits could be reduced across the board to put home ownership dreams more within reach.

The PM outlined his battleplan to fix the housing crisis that makes it near impossible for lower-earning renters to own their own home.

It is also a clear nod to Tory rebels the government is "getting on with the job" following Monday's bruising confidence vote.

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Ambitious plans to echo Conservative heroine Margaret Thatcher's housing revolution will also help woo wavering backbenchers.

And promising the nation will weather the cost of living storm, he promised: "We'll get through it, just as we got through the far greater challenge of Covid."

In his major speech in Lancashire, Mr Johnson said: "We have the tools we need to get on top of rising prices.

";The global headwinds are strong, but our engines are stronger.

"And, while it's not going to be quick or easy, you can be confident that things will get better, that we will emerge from this a strong country with a healthy economy."

The most eye-catching policy is a "benefits for bricks" proposal to allow housing benefit claimants to use their funds to get a mortgage.

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Currently, people on housing benefit cannot declare it as part of their income when applying for a mortgage.

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.

Housing Secretary Michael Gove today revealed there will be a cap on people using the new scheme.

He said: "That's something I will be discussing with housing associations."

He added: "We're looking specifically at a savings vehicle that people can use in order to save for that deposit."