Terry Stacy and the Islington Liberal Democrats have announced their new scheme to help new homeowners get on the housing ladder: Rent to Buy.
Parliamentary candidate Terry said: "As I have been knocking on doors across Islington I meet many hard working young people who, due to rising house prices, feel they have no hope of ever owning their own home. It’s why, when I was Leader of Islington Council, I was so proud we built the first new council houses in the borough for a generation".
"But we need to do more: that’s why the Liberal Democrats have announced their revolutionary new scheme; ‘Rent to Buy’."
First-time buyers will steadily build up a share in their home through monthly payments equivalent to rent until they own the property outright after 30 years, just like a normal mortgage. It means working young people who are unable to afford a deposit will, rather than be trapped in rental accommodation forever, be able to own their own home. Under Liberal Democrat plans the Government would partner with housing associations and other providers to deliver ‘Rent to Buy’ houses where monthly payments are no higher than market rent.
It has been the Liberal Democrats who have forced the government to relax council funding restrictions to allow Councils to build more Council housing and we have announced plans to build 300,000 homes a year, a 100,000 more then Labour has pledged to deliver, during the next parliament.
Terry Stacy said "Islington’s young people deserve the chance to own their own home one day and if I’m elected as your MP I’ll fight for ‘Rent to Buy’ to give them that chance, but I need your help".