Make rent count!
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Having a good credit rating is key to getting a mortgage. You can increase your credit rating with a mobile phone contract, credit card, by buying a car on finance or leasing it, a TV and phone service; this list could go on forever. But the biggest payment a lot families are expected to pay monthly is for private rent. This payment which should have the most relevance to obtaining a mortgage, has no affect on your credit rating. The size of these payments balloon every year and the landlords are making good on their own mortgages when the rent is paid on time, benefiting their own credit rating
So why can't rent payments count towards obtaining a mortgage? Towards credit rating or to qualify for something that assists in the process of owning a home.
This petition is for a policy design discussion to take place within government, to see if a system is possible to facilitate this being the case.
Why should taking on debt and financial commitments for luxuries be worth more to credit rating than paying the equivalent of (or more than) a mortgage payment every month.
I know the technical reasoning behind why this is not already the case, but am sure this could be achieved if it is found to be viable and worth doing. It will give at least some reason to paying the exorbitant rents that many are currently forced to pay.
I welcome any thoughts on this. Thank you . Please sign if you agree.
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