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This petition is now closed, as its deadline has passed.
We the undersigned petition the Prime Minister to state the Government's aspiration for mortgage lending in 12 months time in terms of Loan-To-Value (LTV) ratio, multiples of annual income, and loan duration. More details
Submitted by Jamie Brooks – Deadline to sign up by: 19 May 2009 – Signatures: 210
Petition update, 04 September 2009
Thank you for your epetition.In 2004 the Government extended the scope of Financial Services Authority (FSA) regulation to include first charge residential mortgages. The FSA’s regime requires firms to lend responsibly, satisfy themselves that borrowers have the ability to repay their mortgage, and ensure that borrowers have full information about the products they are considering purchasing.
On 22 February 2009, the Prime Minister announced that the Government had asked the FSA to consider controls on mortgages of more than 100 per cent of a home’s value. In the Turner Review, published on 18 March, the FSA announced its intention to publish a paper in autumn of this year on mortgage market reform. The Government will take the findings of the FSA’s work into account in its forward work on regulation.
More details from petition creator
With the recent investment in RBS and Lloyds TSB the Government has bought into the lending market, and is applying pressure to these institutions to reduce the cost of borrowing. Indeed, the Government has stated that it aspires to return the economy back to 2007 lending levels, and that the UK problem was not shortage of demand for homes at the right price but a shortage of mortgages at the right prices for people to buy. Considering media articles detailing how house prices will have recovered by 2013, the average wage would have to explode to £45K p.a. to pay for the average property costing £200K, based on the following prudent terms.
- £20K deposit (90% LTV)
- £180K borrowed at x4 multiple of income of £45K p.a.
- 25 year term
By stating their aspiration for mortgage lending, the government will provide better understanding of their stance towards future lending, and enable the public to make their own judgment of the likelihood of lending regulation and reform.
Current signatories
Jamie Brooks, the Petition Creator, joined by:
- Jeremy Renwick
- andrew carter
- G Vaughan
- Aldabra Stoddart
- Peter Hambly
- John Bennett
- Jeremy Burston
- Asif Fernando Shabbir
- John SHankarmangalam
- andrew benington
- Daniel Miller
- Stephen Brooks
- Robert Gow
- Nick Dickinson
- Teresa Fowler
- Leslie Brooks
- Steve Walters
- Ivor Colwill
- Michal Konicek
- Keith Wilson
- Diab Haddad
- Stephen Gaulter
- Gaurav Lukhman
- Donald Campbell
- paul cousins
- David Price
- Daniel Blum
- Paul Bleach
- Christopher McLaren
- Andy Bell
- Trevor M Bryan
- Chris Newland
- Gary Colby
- Richard Zoltie
- Tim Rossiter
- Christopher Smith
- John Anthony Foley
- Julian Davis
- Will Gibson
- Roger Owen
- Vincent Turner
- Andrew Logan
- Tim Morgan
- Steven Turner
- John Butterfield
- ROBERT SCRAFTON
- david roots
- Duncan Armstrong
- Kevin Marsden
- David Hoggett
- John F MacMullen
- David Laws
- David Wright
- DAvidPhillpotts
- Jen Ballington-James
- Richard Grice
- Howard Thomas
- J Cloke
- Briony Williams
- Alex Smith
- John Peters
- Gareth Pratt
- ivan pedersen
- Mark Jenkin
- Nick Gannon
- Jon Barltrop
- Robert (Jamie) Munro
- Mario Violentano
- Will Lebens
- Nicholas Budd
- Daniel Lee
- Jocelyn Bolton
- L Foster
- Oliver McErlane
- Leanne Hills
- Daniel Goodman
- Christopher Philip Wright
- Warren Adams
- Peter Murphy
- Jonathan Beard
- Christopher Dolman
- Michael Billson
- Philip Cronin
- Caroline Macklin
- Robert Colin Munro
- Gary McAuliffe
- Michael Kitching
- Andrew Summerskill
- Bob Richmond
- Mike Colvin
- Michael Husband
- Suneel Jaitly
- Haren Visavadia
- Kenneth Keery
- mark howlett
- James Hoyes
- Philip Stevens
- Tom Hewitt
- KJ Duxbury
- Alan Mint
- Nicholas Browne
- Richard Wagg
- Liz Hillyard
- David Walker
- Ross Powell
- Gary J Fox
- Anthony Wilkinson
- J Hudson
- Simon Hinton
- Richard F Duncan
- sam leek
- Julia Tint
- Marguerite Farmer
- N Black
- Tim Ambrose
- Malcolm Gray
- Ian Law
- Colin Reeve
- Steve Wilson
- John Goddard
- Martin Michell
- Nicholas Everett
- Adam Haigh
- Marcus Holland
- Claudia Still
- Vincent Celino
- David Thornes
- Neill Foster
- Gregory Wright
- Mark Johnson-Priest
- Linda Scott
- Nick Howell-Ives
- lynn blake
- Matthew Elliott
- Gregory Brown
- Eoin Waters
- Paul Griffin
- Emma Craddock
- Clive Smith
- Ben Robins
- Richard Carling
- Steven Siller
- Laura Pelling
- Matt Whishaw
- Des Emmerson
- Alex Millard
- Alistair Yates
- Ray Weston
- Andrew Kelleher
- David Hall
- Gavin Donald
- Michael Lee
- John Bray
- Stephen Morley
- Andrew Nottingham
- David Williams
- Timothy Hayes
- Danny Hallahan
- Glynis Miller
- Paul Dance
- Michael Thompson
- Jim Geraghty
- Allan Morris-McEwan
- Nezimão
- Eve Sacks
- Nathan Wrench
- james walton
- James Green
- stuart lemanski
- Terry Stormont
- Andrew Halstead
- Neil Henderson
- Teresa Baker
- justine marklew
- Cat Wasilewski
- Steven Hunt
- Denise Cullum
- Christopher Smith
- Matt ODonnell
- Robert Henwood
- Paul Murhy
- Kathryn Layard
- stephen underwood
- Peter Samuel
- Geoff Nolan
- Mike O'Boyle
- Nigel Porter
- Steve Houseman
- Valerie Henman
- s birchall
- Jamie Lokier
- Fuchsia Arnold
- Richard Thompson
- Dick King
- S King
- Jeff
- James
- john Duggan
- John Tharakan
- tim blythman
- Pratik Kotecha
- Grant Amerigo
- Kate Barker
- Peter Attrill
- Nichola Cole
- kara gray
- Stephen Cartmell
- michelle rainey
- John Ennew
