50 signatures reached
To: Rishi Sunak
Years worth of successful rental payments in place of mortgage deposit.
So many people are stuck in a situation where they can not afford to save for a deposit on a house due to being in rented accommodation. This is due to the price of rent being double what it would be for a mortgage. Yet banks want proof that they can afford a mortgage by asking them to save a deposit whilst paying this high rent? Surely a period of paying rent successfully, with no missed payments, is proof that someone is able to afford a mortgage? It would give so many people the chance to get on to the property ladder that did not have the chance to before. This would allow them to have spare money every month from where a mortgage would be lower, the chance for them to leave property to their children and to give them a secure home for when they retire.
Why is this important?
It’s important because whilst the price of everything is going up, incomes and salaries are not going up at the same pace. It is getting harder and harder for young people to get onto the property ladder all whilst there is a shortage in rental accommodation. Making it possible for people to get onto the property ladder by proving they can pay a larger amount every month successfully through rent, would improve so many peoples quality of life.
