Firstrung: Rise of the half million pound mortgage

"A young professional couple earning a joint income of £100,000 could certainly borrow enough - 500k is not unusual these days - to buy a very desirable property, but should their income drop for any reason things could fall apart very quickly," said Hearnden. "Some couples starting a family may take a career break or have to fund child care which could take a large slice of income. "The relentless rise of property values has led to lenders upping the amount they are prepared to offer to well-off borrowers who can prove they can manage the repayments,but people's lives change and they need to fully appreciate the level of financial risk these deals carry."