Think Carefully About Whether You Can Afford to Buy a Home

Western Mail › January 17, 2007

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Summary

First-time homebuyers are borrowing more than ever before to get a foot on the housing ladder, new figures indicate. The Council of Mortgage Lenders (CML) said the typical person buying their first home in November took out a mortgage worth 3.29 times their salary - the highest ever multiple of their income.

It was up from an average loan size of 3.27 times salary recorded in October and an income multiple of 3.08 for the same month last year.

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Think Carefully About Whether You Can Afford to Buy a Home

The typical size of loan for first-time buyers in November was pounds 113,877.

Last wee...

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