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Leaders that will lend 5 x income
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No - you think you can, and assume you will. You also hope that situation will continue.Wine_of_the_World wrote: »We can afford the repayments - and in two years I will be working full time."Never underestimate the mindless force of a government bureaucracyseeking to expand its power, dominion and budget"Jay Stanley, American Civil Liberties Union.0 -
shortchanged wrote: »No wonder this country is in the sh*t state it is then.
Borrowing at higher income multiples doesn't necessarily cause problems, most arrears/repo's etc are caused by dramatic change in circumstances - seperation/unemployment, and whether you are 3x or 6x income if that happens you will probably be unlikely to maintain your mortgage payments. The higher multiples also only tend to get given to the lower risk groups.I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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