This petition was submitted during the 2019-2024 parliament
Rejected petition Reform First Time Buyers Mortgages
I propose that first time buyers with 5 years history of continuous rental payments without default are offered mortgages without deposit on a 25 year term based on the monthly average rental value paid over the last 5 years.
More details
For too long now a large section of the population of this country have been subjected to crippling private rental rates and are looking toward old age homelessness! I propose that first time buyers with 5 years history of continuous rental payments without default are offered mortgages without deposit on a 25 year term based on the monthly average rental value paid over the last 5 years. So to be crystal clear, if the average rent you've paid over the last 5 years is £1400, you'd be offered a £420K mortgage.In calculating the mortgage offering in this way, mortgage lenders are given assurance of affordability and first time buyers, a mortgage amount that actually translates into their current accomodation requirements
This petition was rejected
Why was this petition rejected?
It’s about something that the UK Government or Parliament is not directly responsible for.
We can only accept petitions about things the Government or Parliament are directly responsible for.
Decisions about who to lend mortgages to, and the terms and conditions for these, are a matter for lenders, not the UK Government or Parliament.
We only reject petitions that don’t meet the petition standards.