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A friend of mine who works in a bank says that the old (3.5*salary) rule of the thumb for mortgage lending is out the window and that lenders are working with higher multiples of yearly income now (I believe he said 5-6). I was wondering if anyone knew where the 3.5 rule came from and whether it is viable to move away from this on a permanent basis?

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I don't know if it was a formal rle as such or just a rule of thumb, but I gather that all this changed with mortgage de-regulation. I'm sorry, but I don't know when that happened either!

Somebody should be able to answer that here...

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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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