A bold new plan would see people in the UK able to pay their mortgage through their wages before any tax or National Insurance deductions are made, in a similar way to pension contributions.
An online petition, which proposes amending the salary sacrifice process to "allow more people to become mortgage-free sooner”, is quickly gathering momentum. It has been posted on the official petitions-parliament website by Aqad Zane, the Daily Record reports.
It states: “The Government should allow all mortgage contributions towards an individual's main residence or family home to be made through salary sacrifice, prior to tax and national insurance deductions (similar to pension contributions).
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“This would allow more people to become mortgage free sooner in life and put more towards their and their children's future. It could also help divorced couples, where people are having to start life all over again, on their own, at a late age.”
The petition adds: “The rising cost of living and house prices makes paying off a mortgage extremely challenging for many people. The value of the mortgage that people could pay off using salary sacrifice could be capped, so that it only benefited those who are in need.”
The petition is open until August 28, 2023. At 10,000 signatures, the UK Government will respond to the proposals and at 100,000, it would be considered for debate in Parliament - you can read it in full here.
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