Half of homebuyers want 3x mortgage

Mform.co.uk found that 29% of the UK’s adult population, around 13.89 million people, were hoping to take out a mortgage in the next three years. A breakdown of results reveals that just 3.33% of those taking a mortgage in the next three years can afford to borrow the equivalent of their salary. A similar 3.33% are hoping to borrow in excess of six times their annual salary, a concept that would have been almost unheard of several years ago. Most homebuyers are looking to borrow between two and four times their salary, according to the research, with 60%, or 8.3 million, of those hoping ...