Mortgages 5 times income

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Mortgages 5 x income

A recent press release from Abbey National anounces the launch of a new mortgage offering customers 5 times their salary.

In a move which hints at the increasing difficulty for those looking to invest in bricks and mortar for the first time, director of Abbey mortgages Richard Okey told BBC Radio Four's Today, that this deal would be a "great help" to homebuyers.

Mr Okey also said that the decision had been influenced by large increases in house prices in recent years.

Suggesting that the move was not a "blanket decision" it was taking, Mr Okey said that if the mortgage was "suitable for individuals, we think it is a sensible place to go".

The new product will be available for couples and individuals whose income is above £50,000 a year.

Malcolm Hurlston, chief executive of the Consumer Credit Counselling Service, was less forthcming in his praise of the announcement.

"For some people this is going to look like an answer to their prayers but it risks taking them into dangerous territory," he told the BBC.

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