Mortgage rule amendment for high earners 'could be beneficial'
www.moneynews.co.uk > Mortgages > Mortgage rule amendment for high earners 'could be beneficial'
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Mortgage rule amendment for high earners 'could be beneficial'
Tue 10th Jan 2012
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Tanya Powley from FT Money said allowing those who can prove they have sufficient financial clout to pay off substantial borrowings to opt out of typical bank assessment protocols and instead be subject to a new set of rules for high earners.
She argued: "I think they would actually have to prove from their accounts how much money they earn and be able to say 'yes, I don't mind deciding myself that I want to borrow this much if the bank will let me'."
According to recent figures published by the Financial Services Authority, mortgage borrowing rose to £1,283 billion by the end of the third quarter of 2011 - with new advances standing at £44 billion for the three months, a year-on-year rise of seven per cent.
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