Force Mortgage Providers to accept Rental History as Proof of Affordability

Force Mortgage Providers to accept Rental History as Proof of Affordability

17 have signed. Let’s get to 25!
Started
Petition to
Financial Conduct Authority and

Why this petition matters

Started by Aidan Nicholas

In the current climate it’s increasingly difficult to step into the world of purchasing a house. Prices are rising faster than wages and ever more people are struggling. This presents a major issue when trying to raise a deposit and prove you can afford to repay a mortgage, despite many people who want to achieve this regularly paying rent for long periods of time, with absolutely no issues or arrears. In many cases, the actual mortgage they seek can work out significantly cheaper than the rent which they pay every month.

What we need at this time, is for regulations to change so that instead of having to save up an nearly impossible deposit or savings, prospective buyers can use a good, in depth check of their rental history, council tax payments and utility payments to prove affordability. This would open the market up to so many more people that struggle, often the high rental costs are what decimate the possibility of being able to save such a deposit in the first place.

Nobody should have to live with the bare minimum to scrape pennies together so they can buy a house, when they maintain a healthy rent account for years previous. The world is changing, and this should change with it to give the younger generation half a chance of achieving buying a property, and the security that comes with it.  

Hopefully if this petition is successful, it can be the start of changing this and making it a possibility so that people like myself, who do pay a fortune in rent and thus cannot afford a deposit, can secure their future by buying a property.

17 have signed. Let’s get to 25!