Submitted on Saturday 12th September 2020
Rejected on Thursday 8th October 2020
Current status: Rejected
Rejection code: irrelevant (see below for details)
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.
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.
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The Government e-Petitions Team gave the following reason:
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.
13.58.137.218 Thu, 09 May 2024 12:19:04 +0100
