Originally Posted by Captain Mike
I am very uneducated in the scheme of things and know how much l earn if i was told to put down more to borrow way above what l could afford to
no fucking way,
Mike
What, you think all the people living in London in 250k flats are all earning 50k a year?
Bottom line is, if people didn't either embellish their income to gain a higher mortgage, or turn to lenders that are prepared to lend over 5 times salary, people simply couldn't afford to initially "purchase".
Of course, that is exactly the point, in that they CAN'T afford it, but some people view it as a minimal risk in market with rising house prices.