This petition was submitted during the 2015-2017 parliament
Petition Offer Government finance to first time buyers who don't qualify for a mortgage.
I propose for the government to offer direct financing to first-time buyers to enable them to purchase a home.
The loan is then to be paid back to the government monthly,
just as a mortgage would.
A deposit would still be required, so that the buyer has a vested interest in the property.
More details
Banks make it incredibly difficult for first time buyers to purchase a home, even if they have a deposit.
Self-employment, minor blemishes on a credit report, or the lack of a parent to guarantee a mortgage makes things extremely difficult for first time buyers.
It would also 'Balance the books' for the government/treasury, as the property would be owned by the government until the final payment was made. Only then would ownership be transferred to the buyer.
This petition is closed This petition ran for 6 months
10 signatures
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10,000 signatures required to get a government response