Encourage banks not to refuse mortgages for properties with high service charge

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Petition Action

Encourage banks not to refuse mortgages for properties with high service charge

Petition Details

There have been reports that some banks are not providing mortgages on some properties with high service charges. I urge the government to intervene.

Additional Information

With increasing compliance and fire inspection costs, utilities and contractor fees, it has caused some service charges to rise to more than 1% of the value of the apartment.

Given that banks have been bailed out by taxpayers multiple times, we think it is time for the government to support trapped sellers in return.

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