The Government has recently announced a globally unprecedented investment in building safety under which hundreds of thousands of leaseholders, including shared owners, will be protected from the cost of removing and replacing unsafe cladding on their homes. We will provide over £5 billion in grant funding for the remediation of unsafe cladding on buildings over 18 metres, and we are establishing a generous finance scheme which will provide leaseholders in buildings of 11-18 metres with access to finance for cladding remediation costs. The monthly cladding repayment costs for these leaseholders will not exceed £50. We will publish more details on how these schemes will work as soon as we are in a position to do so.
We have also introduced a new model for Shared Ownership which will include a 10 year period during which the landlord will support with the cost of repairs in new build homes. The changes will prevent new shared owners from being faced with unexpected costs and will help to bridge the gap between renting and home ownership.