The Telegraph - Buyers lured by generous mortgages seven times their salary
Mortgage brokers have sounded the alarm over a generous new home loan offering buyers the chance to borrow up to seven times their annual income. April Mortgages, a specialist lender, will offer the increased borrowing to joint and single applicants earning at least £50,000 per year who will commit to a fixed-rate mortgage of between 10 and 15 years.
Aaron Strutt, director at Trinity Financial, said: “I think lending up to seven times salary is pushing the limits of sensible borrowing. “It will be challenging to remortgage away from April if you have a seven times salary income multiple, unless the borrower receives a pay rise or opts for the longer-term fix, so they don’t have to worry about it.”
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