Abbey Moves Multiples to 5 times income
Abbey made big news today by openly saying that they will under certain circumstances allow first time buyers to borrow up to 5 times salary.
Of course with interest rates so low, five times salary may be affordable. If they rise a lot, then it suddenly gets a lot tougher.
For investors in property - whether buy to let, or buy to sell - this move can only prolong the booming housing market.
As an investor, I'm getting tired of the booming property market as it makes it hard for me and my clients to get good deals.
I'm praying for a bit of pain to come along -some worrying employment figures or scary inflation numbers - anything to take the heat out of the market and get people's feet back on the ground.
I dont wish pain on anyone, and sorry to sound like Maggie Thatcher but it will be good for all of us in the long run. Back to site: www.lettingfocus.com
Of course with interest rates so low, five times salary may be affordable. If they rise a lot, then it suddenly gets a lot tougher.
For investors in property - whether buy to let, or buy to sell - this move can only prolong the booming housing market.
As an investor, I'm getting tired of the booming property market as it makes it hard for me and my clients to get good deals.
I'm praying for a bit of pain to come along -some worrying employment figures or scary inflation numbers - anything to take the heat out of the market and get people's feet back on the ground.
I dont wish pain on anyone, and sorry to sound like Maggie Thatcher but it will be good for all of us in the long run. Back to site: www.lettingfocus.com
This entry was posted by lettingfocus, on
Wednesday, November 01, 2006.
