Submitted on Friday 5th March 2021
Rejected on Friday 12th March 2021
Current status: Rejected
Rejection code: irrelevant (see below for details)
Allow Higher Multiplication of Annual Salary for 1st Time Buyer Motgage.
Approve Higher Multiplication of annual Salary to increase 1st time Buyer’s home buying affordability in the expensive cities like London, Cambridge etc. The main problem with home buying in this cities is more related with low multiplication of annual salary as an average family house costs £350000
People who live in expensive cities like London, Cambridge, Oxford etc also deserve to be a home owner like other cities residents of UK. A person with £30k salary can never buy a house or a flat with- Annual Salary X 4.5 times Motgage. Please increase the salary multiplication to 6/7 times for the first time buyers of expensive cities and help us to become ‘Generation buy’ from ‘Generation Rent’. If we can afford to pay rent every month, we can also afford to pay the Motgage monthly instalments.
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The Government e-Petitions Team gave the following reason:
It is up to individual lenders how to calculate the mortgage they think individuals can afford, not the Government or House of Commons.
3.146.255.249 Fri, 17 May 2024 20:55:48 +0100
