http://www.telegraph.co.uk/finance/p...borrowing.html
"FSA to cap mortgages at max 3 times salary and min 5% deposit."
Is this not going to drive down the price of houses ?
average salary = 24,000 (Aug 2008)
Max mortgage for a single is now 72,000 + 3600 for the deposit.
I assume that they will allow some contribution from the partner but if it was as when I bought my first house then that was just X1
That would make it £96000 top whack for Mr and Mrs average.
I do not see this working for years - all that will happen is people will not be able to move.
"FSA to cap mortgages at max 3 times salary and min 5% deposit."
Is this not going to drive down the price of houses ?
average salary = 24,000 (Aug 2008)
Max mortgage for a single is now 72,000 + 3600 for the deposit.
I assume that they will allow some contribution from the partner but if it was as when I bought my first house then that was just X1
That would make it £96000 top whack for Mr and Mrs average.
I do not see this working for years - all that will happen is people will not be able to move.
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