Submitted on Tuesday 7th February 2017
Rejected on Tuesday 21st February 2017
Current status: Rejected
Rejection code: irrelevant (see below for details)
Make it permissable to rent out your house regardless of mortgage size.
If I want to rent out my house I have to have a certain type of mortgage and have a larger deposit to put down although I can afford the house even whilst not tenanted this means the house stands empty whilst it could be providing an affordable family home to someone.
Need for by to let mortgages
Typically require minimum 25% deposit rather than 10%
Unable to change purpose of mortgage until 25% paid off
Ability to rent out a house should be based on ability to keep up repayments whilst empty.
Face criminal charges if you rent out whilst on a residential mortgage
All these things make it more difficult for people to rent out homes and are putting more strain on the government's housing crisis whilst alleviating the restrictions would support housing needs.
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
The Financial Conduct Authority has overall responsibility for mortgage lending practice. You can contact the FCA here:
www.fca.org.uk/contact
18.116.239.195 Tue, 30 Apr 2024 21:24:22 +0100
