Rejected petition If you've rented for 5 years, be allowed a 0% deposit mortgage on similar house

People such as myself get themselves trapped in a renting situation where they have no hope in saving for the deposit on a mortgage, but can afford payments on a rented property, the 5 year rent to mortgage idea is designed to make it less risky for banks to give out mortgages to young people.

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My name is Callum Hale, I'm a bog standard White British Male from a working class family, I'm a Welder/Fabricator on approx £23K a year, with living costs of approx £22K. I have a Wife and 2 young children both 1 and a half years, and 3 months old. I personally believe that young people have it way too tough in the housing department, and that in 50~ years time it will be a massive problem when people my age retire and depend on the state to house them, causing a burden to our next generation.

This petition was rejected

Why was this petition rejected?

It’s about something that the UK Government or Parliament is not directly responsible for.

The Financial Conduct Authority has overall responsibility for mortgage lending practice. You can contact the FCA here:

https://www.fca.org.uk/contact

We only reject petitions that don’t meet the petition standards.

Date submitted 2 February 2017
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