12 Mar 2017

Update: Parliament set to debate first time buyer petition

Update: Parliament set to debate first time buyer petition

The UK Parliament looks set to debate a petition calling for lenders to accept rent payments as proof you can afford a mortgage after almost 150,000 people joined the campaign.

Buying a home is now cheaper than renting for the first time since 2008, but some young people still find that a mortgage is out of reach.

Lenders want proof that the money can be paid back - and showing a track record of successful rent payment is not enough.

Instead, they base their decisions on things like payslips and tax returns, abiding by strict criteria set by the Bank of England.

Campaign

However, more than 143,000 people have now signed a petition to change that, calling on lenders to take past performance as a tenant into account.

Jamie Pogson, who set it up, said: "Since living on my own I have paid £70,000+ in rent on time, yet still I struggle to get a mortgage.

"Unless you're getting handouts, are wealthy or are in receipt of inheritance, it's almost impossible.

"I want paying rent on time to be recognised as evidence that mortgage repayments can be met."

As the petition has passed 100,000 signatories, it will now be considered for debate in the UK Parliament.

Help for first time buyers

If you would like more information about stepping on the property ladder, you can read everything you need to know in our first time buyer guide.

We have also produced a video with some handy tips, which you can view here.

If you would like to visit one of our branches to speak to an expert face to face about buying your first home, contact us here to book an appointment.


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