To: Keith Daniel
Make It Easier for Renters to Obtain a Mortage
The Goal. To make tenants with good rent payment history eligible for a mortgage.
The Problem. With rental costs increasing every year, the amount a tenant pays in rent is often comparable, if not higher, than mortgage payments. While it definitely makes sense to put rental money towards paying off mortgage, most lenders have made it more difficult than necessary to approve an applicant who hasn’t met all the requirements, even if the person has always paid rent on time.
The Solution. Make homeownership accessible to more people by considering a solid rent payment history as adequate proof that the person is able to pay off a mortgage, despite the lack of other supporting documents. To lower the risk on the lenders’ part, only those who have rented for at least ten years and have paid on time will be considered.
Why is this important?
It is important to realise that even people who are on the middle or lower income bracket are entitled to homeownership, even if they haven’t met the minimum income requirements or do not have millions to show in their bank statements. People have different means to cope with their limited budget, and being able to work through their tight finances and manage to pay rent on time is more than enough reason to help these people purchase their own home.
Mortgage Advice Brighton started this petition with the goal of helping tenants throughout the seemingly impossible path to homeownership. Join us in our fight by signing this petition today!