Submitted on Thursday 8th July 2021
Rejected on Wednesday 21st July 2021
Current status: Rejected
Rejection code: irrelevant (see below for details)
Increase mortgages to 10x annual income in areas where housing is more expensive
Allow money lenders to provide mortgages of up to 10x annual income in areas where property values are higher than the UK average in order to allow people who live in these areas to own their own property instead of having to spend higher amounts renting.
While the government has started a number of programs to help people buy their own property, for people who live in areas where property values are higher than average (for example Surrey where properties are around 3x higher than the national average) it’s still expensive. Furthermore the amount a person can get for their mortgage remains the same despite the difference in house prices. People in these areas should be allowed to get a higher mortgage providing they can pay it off in time.
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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. This is a decision for lenders.
3.145.109.15 Wed, 20 Nov 2024 17:37:30 +0000
