This petition was submitted during the 2019 to 2024 Parliament
Rejected petition Change the way in which mortgages are calculated.
Rejected on
Affordability remains the biggest barrier to homeownership and this is due to the disproportionate variation in salary to the borrowing amount.
Since 1996, wages have doubled on average, whilst house prices have almost quadrupled meaning owning a home for many people will be totally out of reach.
It is said that as a Conservative belief, ownership of a home is an integral part of "our" society. Therefore, I implore the government to review and change the way in which mortgages are calculated, making it more viable and affordable for people to own their own home.
From research found, it is not logical for a single person to only be eligible to borrow 4.5 times their yearly salary when house prices are incrementally higher. On extension, this is for previous and existing homeowners only.
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
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