333

of 500 signatures

To PM

To buy my property I used Help to buy Equity loan Scheme as I wasn't able otherwise to afford my property and got choice of renting one and repaying some landlord mortgage or use this tool allowing me to own my place and pay my own mortgage instead. Unfortunately tool which suppose to be supporting and helpful for people like me turns out to be more alike trap designed to bring advantages only to lender and developers as repayment of this scheme does not allow to repay it in amount lesser than 10and you repay only interests trying to save at the same time money for mentioned 10which in current condition of living crisis and rising interest rates is impossible for many. This repayment scheme looks more like chasing own tail and you won't be able to repay it until you earn enough money to afford significant savings. This makes this scheme more dedicated for wealthy people really who needed support at specific moment and straight away got ability to save this amount within short period of time by themselves.

Petition text

This scheme repayment rules should be changed to reflect current situation related to living crisis and allow everyone at anytime repay any amount of the balance to reduce debt related to this loan. Is there any other lender allowed to dictate minimum amount you can repay of the debt? This rule along with rising debt related to property price intend only to limit people ability to repay the debt and increase chances of lender to hold grasp on them not allowing to repay as any other loan available on the market.

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Help To Buy Equity Loan - change repayment rules

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Help To Buy Equity Loan - change repayment rules

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