Home-movers taking on huge mortgages

Families are taking on huge mortgages in a bid to climb off the first rung of the property ladder and move to a bigger home, according to the Financial Conduct Authority. The number of borrowers taking out mammoth loans that stretch to more than six and a half times their income has soared, the City regulator said. It added that most of these borrowers are home-movers rather than first-time buyers. More than 96,000 mortgages taken out last year were for more than four and a half times the borrower's income, and 4,594 mortgages were for more than six and a half times income.

The Times (28/02/2020)