Mortgages rarely make it onto the front pages of national newspapers except when the rate of borrowing goes up. However, a recent revelation by one lender was so startling that it made it as the lead item not only in the newspapers but on TV news programmes too.
Apparently, you can borrow up to seven times your income to buy a house. Personally speaking, I can’t see the point of having a bigger house when the thought of the debt hanging over it would prevent me from sleeping soundly under its roof. That’s not to say that I don’t use debt. Like many people in this country I have a mortgage, a personal loan and a number of credit cards. Last week I had a call from one of my credit card providers - probably because I’m not maxed out on that card. The friendly chap on the other end of the phone was all for sending fifteen grand to my current account...
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