Rejected petition Make it permissable to rent out your house regardless of mortgage size.

If I want to rent out my house I have to have a certain type of mortgage and have a larger deposit to put down although I can afford the house even whilst not tenanted this means the house stands empty whilst it could be providing an affordable family home to someone.

More details

Need for by to let mortgages
Typically require minimum 25% deposit rather than 10%
Unable to change purpose of mortgage until 25% paid off
Ability to rent out a house should be based on ability to keep up repayments whilst empty.
Face criminal charges if you rent out whilst on a residential mortgage
All these things make it more difficult for people to rent out homes and are putting more strain on the government's housing crisis whilst alleviating the restrictions would support housing needs.

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 7 February 2017
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