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RENTS TO MORTGAGES LAUNCH THIS WEEK

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In what it bills as an exclusive, the News of the World reports (p4 and 5) that the government will this launch a r...
In what it bills as an exclusive, the News of the World reports (p4 and 5) that the government will this launch a rents to mortgages scheme for millions of council and housing association tenants.

Up to five million people in rented accommodation will be offered discounts to buy their properties, it reports. The newspaper quotes by way of example, Mr and Mrs Smith who have lived in a house valued at £50,000 for 10 years. Their tenancy entitles them to a 40% discount, the newspaper says.

Having arranged a £20,000 mortgage on rental payments of £30 a week, the couple own two thirds of the house and contract to pay for the council or housing association the remaining third when they sell the home. The amount paid for the final third will depend on the final selling price, the News of the World says.
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