Submitted on Monday 4th January 2021
Rejected on Thursday 28th January 2021
Current status: Rejected
Rejection code: irrelevant (see below for details)
Mortgages arrangements to be amended to allow recovery after Covid-19 impacts.
To legislate that lenders extend the mortgage deal (i.e. % interest and time limit for that rate) and the overall length of time the lender would provide a mortgage. Baseline to be March 2020, extended to at least December 2022 without applying age or any further affordability criteria.
Lenders have tightened lending criteria during the crisis so when current deals expire lenders are excluding clients from a comparable deal/any deal based on affordability criteria and/or age despite having excellent payment records. People who would use their savings to pay whilst this crisis abates are denied mortgages or offered higher rates causing further financial distress. Those reaching the 'maximum' age who have not been able to sell during the crisis also need to extend their term.
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The Government e-Petitions Team gave the following reason:
Decisions about mortgage arrangements are for individual lenders, not the UK Government or Parliament.
3.149.233.72 Fri, 26 Apr 2024 21:50:56 +0100
