5% mortgages should not make a difference.
If I put down 5% of the average house price in my immediate local area, £25,600 and the loan fell into the category of max. 4.5 earnings after regular expenditure, then I would need to be earning in excess of £111,888 a year.
This is in an area where the average wage is around 30k.
So looking at the cheapest 2 bed terrace in the nearest city, circa £170k, £8,500 deposit you would need an income of over 36k, let me tell you there ain't many of those job round here.
Couples in well paid jobs can enter the market, but the numbers that