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Historical question: mortgage restrictions 30 years ago
Goldenyears
Posts: 324 Forumite
We bought our first house in March 1979. We borrowed £15,000 from the Halifax and scraped together a £2000 deposit saved with the Halifax. Now £15,000 was the maximum Halifax would allow us under any crcumstances, regardless of our joint income at the time, which was £10,000 pa. Also a 25 year mortgage was not allowed if two incomes were taken into account. We were forced to borrow over 20 years.
How general was this restriction ? Were we green not to enquire elsewhere ? I have often wondered about this. In fact when interest rates reached 17% in the early 1980s it was a struggle, but this didn't last long.
How general was this restriction ? Were we green not to enquire elsewhere ? I have often wondered about this. In fact when interest rates reached 17% in the early 1980s it was a struggle, but this didn't last long.
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