Submitted on Tuesday 12th January 2021
Rejected on Tuesday 9th February 2021
Current status: Rejected
Rejection code: irrelevant (see below for details)
Change the way in which mortgages are calculated.
Affordability remains the biggest barrier to homeownership and this is due to the disproportionate variation in salary to the borrowing amount.
Since 1996, wages have doubled on average, whilst house prices have almost quadrupled meaning owning a home for many people will be totally out of reach.
It is said that as a Conservative belief, ownership of a home is an integral part of "our" society. Therefore, I implore the government to review and change the way in which mortgages are calculated, making it more viable and affordable for people to own their own home.
From research found, it is not logical for a single person to only be eligible to borrow 4.5 times their yearly salary when house prices are incrementally higher. On extension, this is for previous and existing homeowners only.
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:
We can't accept your petition because the UK Government and Parliament aren't responsible for the issue you raise. This is a decision for lenders.
18.116.14.118 Thu, 30 May 2024 15:04:35 +0100
