Lib Dems to allow tenants to use rent payments to buy own home

Tenants will be able to use rent payments to buy their own homes under plans unveiled by the Liberal Democrats.

The rent-to-own initiative will be one of the flagship policies revealed in the party's General Election manifesto on Wednesday.

The Lib Dems have also pledged to:

  • restore housing benefit to young people

  • bring in bus passes for 16- to 21-year-olds with a two-thirds discount

  • lower the voting age to 16

  • boost education spending by £7 billion over the next parliament

  • double the number of businesses that take apprenticeships

  • extend free school meals to all primary school pupils

The rent-to-own scheme would see monthly rents used like a mortgage with working tenants owning their own home over a 30-year period.

The party would use a Housing and Infrastructure Development Bank to help firms and housing associations fund the building of rent to own homes.

The Liberal Democrats want to help renters buy their own home. Credit: PA

Liberal Democrat leader Tim Farron, who launches the manifesto on Wednesday evening, said: "You don't have to accept Theresa May and Nigel Farage's extreme version of Brexit that will wreck the future for you, your family, your schools and hospitals.

"In the biggest fight for the future of our country in a generation, Jeremy Corbyn's Labour has let you down by voting with Theresa May on Brexit, not against her.

"The Liberal Democrats want you to have a choice over your future.

"You should have your say on the Brexit deal in a referendum.

"And if you don't like the deal you should be able to reject it and choose to remain in Europe.

"We want to give all our children a brighter future in a fairer Britain where people are decent to each other, with good schools and hospitals, a clean environment and an innovative economy.

"Not Theresa May's cold, mean-spirited Britain."