How can first-time buyers now borrow 7 times salary?
A relaxed Bank of England cap now lets first-time buyers borrow six or seven times salary, up from four and a half times previously. The Prudential Regulation Authority eased the loan-to-income limit on mortgage lenders over the past year. Brokers say buyers who assumed ownership was out of reach may now find their borrowing power has grown markedly in a short time.
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