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Once Upon A Time...

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Gather round FTB'ers, and all those under the age of 25.

Now, what I'm going to tell you is not some drunken tale, or the product of an over imaginative mind, but many years ago buying a house used to be a lot, lot different.

A long time ago, there weren't so many people around begging you to take a mortgage out with them. It was usually just the high street banks, and these people were really, really strict. You would book your mortgage appointment with them and you would go armed with your last 6 months payslips. They would take your payslips from you (and your partners if applicable) , and then they would tip tap into their calculators (yes they had calculators), they would work out 3.5 times your salary, or less if it was a joint salary you were applying for, and they would tell you how much you could borrow. That's right. And they would not let you have a penny more. And wo betide those of you who had not made the effort to save up a deposit. "100% mortgage, not in here dear, I'm afraid you will need to find someone else to do that for you."

So you would dutifully apply for your mortgage. And the lender would write to your employer and ask for proof that you worked there, and in many cases, they would also telephone your employer for confirmation of your salary. And they wanted to know what other loans you had outstanding, and if you had a credit card, how much you owed on it. But you better not have tweaked any of the figures, or omitted something that may be found during their checks, else that lovely mortgage application got filed in the big round filing cabinet under the desk.

And so it was, that eventually you managed to get a mortgage. But it was for what you could afford. And you also got to have a life as well because your repayments weren't crippling you.

And so ends the story. Who knows, one day this may all become true again.

Or will it.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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