An estimated 3.7 million potential mortgage customers would be happy to borrow at least five times their salary, according to the latest research from mform.co.uk.
The research also discovered that 1.38 million people would be happy to take out a mortgage worth six times their salary, indicating the desperation of many would-be homeowners. Earlier this year, the National House and Planning Advice Unit said that homebuyers could face prices of 10 times their income. Eamonn Rice, chief executive of mform.co.uk, says: “Borrowing five or six times your salary would have been unthinkable just a few years ago. But with average house prices pushing well past £200,000 it is understandable that people are becoming more willing to borrow more.” Rice also pre...
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