Wednesday, Nov 01, 2006

Fools Mortgage - Five Times Joint Earnings While They Last!

Financial Times: Home loans on offer at five times salary level

Homebuyers are being offered unprecedented borrowing power by banks and building societies,
which are now marketing mainstream mortgages of up to FIVE times joint salary levels as they attempt to win first-time buyers.

Abbey, the UKs second-largest home loans provider, has raised the standard amount it will lend homebuyers to five times
either their single or joint salaries, eclipsing the traditional borrowing levels of around three and a half times salary.

Melanie Bien, associate director at independent mortgage broker, Savills Private Finance, said of Abbeys move:
It is unprecedented for a mortgage lender to offer this much on a joint basis.
It seems lenders are going all out to enable first-time buyers to borrow as much as they can.

Reported By Sharlene Goff, Deputy Personal Finance Editor, Financial Times
Published: October 31 2006 22:10

Posted by hyrax @ 12:17 AM (352 views)
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