To: mortgage lenders/ banks
Make mortgages affordable
I would like mortgage lenders / banks make it easier for people to get a mortgage and get on the property ladder. Mortgage lenders / banks need to start multiplying people with low income wages by 8 - 10 times their annual wage instead of the 3 to 5 times which makes it impossible to get on the property ladder.
Why is this important?
as it stands mortgage lender and banks will only times you annual wage by 3 maybe 4 so if you work at a low income/ minimum wage job its impossible to afford even the most basic or run down property let alone affording a property that can provide a standard of living that is acceptable. it is absolutely ridiculous perfectly acceptable for people to pay £700 plus pcm on rented accommodation yet apparently can't afford £400 pcm on a mortgage. This has to change!
