Mortgages offered at six times salary - papers 11th April

Halifax said yesterday the average price reached £194,400 last month, more than eight times average earnings of £23,600 a year, while the number of loans to first-time buyers dropped in February to its lowest level for two years, according to the Council of Mortgage Lenders (CML). Ray Boulger, of the independent mortgage brokers John Charcol, said the maximum income multiple limits of three to three and a half times' salary were now "old hat". Less than six months after Abbey changed its rules to allow buyers to borrow up to five times' salary, other banks and building societies will go...