Rung up Debt – The Sixfold Mortgage
THE sea of debt threatening to submerge the whole of the country continues to rise with news that lenders are now offering mortgages equal to six times the salary to first-time buyers desperate to get their a foot on the property ladder.
Major mortgage lenders Halifax have revealed that the average price of a house hit £194,000 last year, over eight times the average wage of £23,600 a year.
According to the charmingly named Ron Stout of Northern Rock “As a result of more sophisticated credit assessment we can be more flexible to the specific circumstances of the borrowers, enabling more people to climb on to the housing ladder or climb up a rung.”
Welcome to the new phenomenon of the mortgage you will never be able to pay off.
Posted: 11th, April 2007 | In: Money Comment | TrackBack | Permalink
