Make banks reduce affordability criteria for mortgages for first time buyers.

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Make banks reduce affordability criteria for mortgages for first time buyers.

Petition Details

Affordability criteria with banks is currently around 3-4 times salary with adjustments for expenses.

Even with Help-to-Buy, a person on the current living wage would have a £30,000 deficit on the 75% mortgage they would need to afford a £150,000 property.

Additional Information

The current affordability criteria makes it impossible for a single person to afford their own home.

Banks are still making large profits, yet they seem unwilling to increase their risk in order help hardworking people afford their own place to live.

Using mortgage calculators for a required amount, buyers see amounts which they feel they could afford, yet the affordability criteria excludes them from applying.

This petition proposes banks meet the 75% regardless of salary for Help-to-Buy.

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