Summary
SOME people are outraged that lenders are still approving home loans for five times income or more even though this practice was supposed to have stopped (Mail). It could stop -- but many people wouldn't be able to get a mortgage. The fact is that take-home pay simply hasn't kept pace with house price inflation -- and it never will.
Taking Bedfordshire as an example. The average house price is about Pounds 164,000. With a combined gross salary of Pounds 30,000 (not uncommon -- many earn less), this would mean having to borrow well over five times that income to buy.See the full content of this document
Extract
Mortgage Catch 22 ; Letters [Edition 3]
So the banks and bu...
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