Increasing numbers of first-time buyers are considering mortgages based on more than five times their salary, according to research from Yorkshire Bank.
The survey of 2,000 people reveals only 20% of first-time buyers (FTBs) would shy away from a mortgage which took longer than 25 years to pay off and just 39% would rule out a home loan which was five times their income. It also reveals 28% of FTBs are so determined to buy sooner rather than later that they are prepared to offer above the asking price straight away on the house they want, compared with 19% in January 2006. In addition, one in four (23%) parents with young children think their children will be well into their thirties before they can afford to buy their own property sho...
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