Reply #6: That of course is the issue [View All]

[dipsydoodle]

at least to me it is. Self declared income for the purpose of obtaining a mortage is what helped stoke the escalation in house prices. Halifax were one the first to help run this scam - I recall a Panorana whatever documentary on the subject late ninities I think. The side issue then was what on earth would happen to the mortagees if interest rates escalated again. I hadn't at the time latched onto the re-insurnance aspect which of course ultimately contributed to the crash.

Wasn't the old rule about 4 x gross income max ?