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Don't Buy Stay Renting...Thoughts?

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May 17, 2008, 02:30 AM

MMacGillivray MMacGillivray is offline

Eternal Optimist

Join Date: Sep 2006

Location: Helensburgh, Argyll

Posts: 243

Re: Don't Buy Stay Renting...Thoughts?

A long time ago (I think early 1970s) when things were looking fairly prosperous in the UK, you could walk from one job to the next if you fancied a change, and life was good (yeah, the Good ol' Days), the maximum amount you could borrow for a mortgage was 2.5 - 3 x your annual salary. That kept the interest repayments in a fairly affordable bracket.

It horrifies me now when I see people borrowing 5 or 6 times annual salary - and expect to be able to meet their repayments when interest rates rise.

My advice would be to start SMALL - you can always trade up.

Margaret

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