More than two million people are expected to borrow at least four times their salaries within the next three years to get on the property ladder, research suggests.
Analysis of the views of 2,200 adults by online mortgage firm mform.co.uk found 2.08 million individuals aged 34 or under would borrow four times their salaries. It also found 828,000 recipients plan to borrow over five times their income and 290,000 will borrow over six times. Francis Ghiloni, of mform.co.uk, says relentless property price increases might be good news for some, but is certainly not for others. “Around 36% of people aged 24 or under who intend to take out a mortgage over the next three years claim that they have will to borrow more than four times their salary,” he says....
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