Rejected petition Banks to acknowledge rent payments as equal as mortgage payments.

Rejected on 22 July 2022

For first time buyers to be able to get on the property ladder by using their rent payments as proof for affordability when trying to purchase a home. If your rent is more than what you could be paying on a mortgage rate then banks should allow this to be accepted for a mortgage.

With the current state of the property markets mainly in wales but across the UK, its impossible to get on the property ladder as a first time buyer. Rent is on the increase and many tenants are paying more in rent than what it would be on a mortgage. Government need to change this to help the current housing crisis in Wales and the UK.

Why was this petition rejected?

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

Decisions on how to determine the affordability of a mortgage to a potential homeowner is a commercial matter for lenders, not the UK Government or House of Commons.

You may wish to sign this petition which calls for a related action:

Raise stamp duty land tax (SDLT) thresholds for first-time buyers: https://petition.parliament.uk/petitions/611488

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