Changing Salary To Mortgage Lending Ratios
The price of housing these days is staggering to most folk over the age of 40. We remember back to the days when we bought our first flat for £1k and then moved up through a succession of properties until reaching our forever home – the 3 or 4 bedroomed detached out in a quiet village or suburb. Today’s youngsters seem to accept that they won’t get change from a million if they try buying anywhere near London. That is now a pipe dream for anyone who is not in the business of finance or law. These days though the mortgage companies are having to be responsible and make thorough checks that prospective buyers can afford the massive mortgages needed to buy anything. That’s after finding a huge 30% deposit for first time buyers too. It used to be 2 x the husband’s salary only, the wife could earn double but hers never counted. How things have changed!