Saturday, October 28, 2006
Banks continue to prey on the foolhardy
Two more mortgage lenders are increasing their lending multiples. Bristol & West and Bank of Ireland Mortgages (both part of the Bank of Ireland group) will now lend a single applicant up to 4.5 times his or her income - previously the standard "multiple" was four times income, and let couples borrow four times their combined income. In some cases they will even let a couple earning £60,000 between them get a loan of up to £270,000.