Petition Make banks reduce affordability criteria for mortgages for first time buyers.

Affordability criteria with banks is currently around 3-4 times salary with adjustments for expenses.

Even with Help-to-Buy, a person on the current living wage would have a £30,000 deficit on the 75% mortgage they would need to afford a £150,000 property.

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The current affordability criteria makes it impossible for a single person to afford their own home.

Banks are still making large profits, yet they seem unwilling to increase their risk in order help hardworking people afford their own place to live.

Using mortgage calculators for a required amount, buyers see amounts which they feel they could afford, yet the affordability criteria excludes them from applying.

This petition proposes banks meet the 75% regardless of salary for Help-to-Buy.

This petition is closed This petition ran for 6 months

30 signatures

Progress of the petition towards its next target: 30 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 1 June 2018
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