READERS of Times Online had much to say on the Financial Services Authority’s warning that more than a million homeowners could struggle to repay their mortgages if banks continue to tighten lending criteria in response to an economic downturn.
Most readers argued that current borrowing levels were unsustainable. Jill’s comment was typical: “Housing should not take more than 30 per cent to 40 per cent of one’s salary, tops. Most people do not want to give up their entire lives to become slaves to a huge debt.”
Patrick, of Axminster, then gave an example of the gap between earnings and house prices: “In my part of Devon, the average salary is well below £20,000. An ex-local authority terraced house is up for £210,000 – about 12 times the average salary.”
Andy, of Bath, wrote: “Please stop using the term ‘homeowners’ to describe people with mortgages. Until they pay off the loan, they don’t own the house, and might never do.”
Dan, of Aspley Guise, Bedfordshire, countered: “You confuse legal ownership with borrowing levels, indicating that you misunderstand the issue – and it smacks of jealousy.”
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