Published On: Thu, Jun 9th, 2022

Boris Johnson announces new plans to help millions on benefits save for their first home | Personal Finance | Finance

Speaking in Blackpool, the Prime Minister said: “We’re going to look to change the rules on welfare, so 1.5 million working people who are in receipt of housing benefits, I stress working people, and want to buy their first home will be given a new choice: to spend their benefit on rent as now, or put it towards a first ever mortgage. Doing so removes a significant barrier that currently prevents hundreds of thousands of families from buying their own home.”

“To remove another [barrier], we’re going to explore discounting Lifetime and Help to Buy ISA savings from Universal Credit eligibility rules.

“It doesn’t mean letting anyone who claims benefits whilst sitting on a vast pension pot that they could be drawing on – that’s not the people we’re targeting.

“But making it easier for hard-working people to put away a little every month until they have enough for a deposit on their first home.”

Until now, people haven’t been eligible for benefits if they have savings above £16,000.

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