Closed petition Government to provide low cost Mortgages

Closed on 19 December 2012

The Government should be thinking about starting a low cost mortgage facility for buyers. Every recession which has passed, has been concluded on the basis that we have built our way out of the recession and that is not the case at the moment. By giving out mortgages the market place for mortgages becomes more competitive and will make the banks and lenders think long and hard about releasing funds which they have promised to do, but have not.
First time buyers and existing borrowers are at present, in an impossible position to buy or move due to the current constraints with loan to value rates which are in most cases 20%.
The benefits for both the government and buyers are equal with increase in lost revenue in the construction industry which, in the past contributed between 6-8% of GDP. The industry contracted by .6% in the last quarter which will obviously have a fundamental effect on the economy as a whole.