Rejected petition Request banks to grant 100% mortgages for renters in order to own a property.
Government to request banks offer 100% mortgages to renters who have rented for longer than 4 years without faulting on rent payment, renters are stuck as they can't save enough for a deposit, but can easily manage the mortgage payments based on their rental history.
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Renters are stuck in a rental loop, they pay rent often higher than a mortgage payment of the same property, however are unable to save enough for a deposit to actually buy the same property, if banks gave these loyal renters a mortgage to cover all costs, this would certainly allow more average people to get on the property ladder. Example a person pays £900pm without fault in 4 years, surely the banks could offer them a mortgage up to the £900pm repayment cost.
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't accept your petition because the UK Government and Parliament aren't responsible for the issue you raise. Mortgage eligibility, rates and terms are a matter for lenders and not the Government and Parliament.
We only reject petitions that don’t meet the petition standards.