Abbey mortgages to be five times salary
www.moneynews.co.uk > Mortgages > Abbey mortgages to be five times salary
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Money News |
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Abbey mortgages to be five times salary
Wed 1st Nov 2006
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Individuals and couples will be eligible if their salary is £50,000 or over and the offer by Abbey is addressing the fact that house price growth is currently outstripping rises in salary, making it harder for people to get a sufficient mortgage.
Analysts believe that other lenders will now follow Abbey's lead as the industry standard for mortgage lending currently stands at around three and a half times a person's salary.
An Abbey spokesperson stated: "What we are doing is offering people the opportunity to borrow up to five times their salary. This is all dependent on affordability, salary, credit rating and deposit."
"We do not want to bankrupt anybody by doing this, but the high earners out there, with healthy deposits behind them who want to buy these houses that are just slightly out of reach will now be able to do that."
However, Malcolm Hurlston, chairman of the Consumer Credit Counselling Service, voiced his concerns over the bank's move, claiming that he felt house buyers would be overstretched by taking on such large loans.
Related News : Mortgages |
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Related News : Santander |
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