Last year I remortgaged with Halifax (bad timing since we broke up this year and I had a redemption penality). Halifax told me and the ex that we could borrow over £1M!!! We both earn around £100k give or take. Crazy.

Have you actually tested that, or are you just going on what it suggests on their website?

I've seen comments elsewhere that NatWest are being particularly difficult (perhaps choosy?) with mortgages.

Agreed - the agent who has been trying to sell somewhere of mine (up North) for far too long has apparently had houses go under offer five months ago which still haven't completed due to lenders being so picky over surveys, final approvals etc.

There are no first time buyers because they can't get mortgages, so the only people looking at the lower end are investors wanting to let to the would-be first time buyers.

Very different from London.

I guess it depends on whether you're a "safe bet" or not. My wife and I are completing on a property in 2 days - 95% LTV, £290,000. Didn't have any problems getting that mortgage. That said, there were only 2 possible mortgages we could have got, so it wouldn't have taken much for us to be unable to proceed.

That's only 2x our combined income, which could have something to do with it too. We wouldn't be happy going any further than that at 5.75% though!

If an interest rate rise does happen in the next few years and we end up with a collapse in prices I'm off to Ecuador! The current crazy prices are not my fault and I'm not carrying the can if it all goes tits up

You're not alone in thinking that, which is another reason banks can't afford for IRs to go up. The impact wouldnt be immediate, but it would cut deeply.

You are a braver man than me! I always try and sort my finances looking at a worst case scenario - and the thought of interest rates rising (which they must at some point - they are artificially low right now) made me buy something more modest but wholly affordable (no mortgage), no matter what, even if I lost my £36k a year job.

true - never thought of a redundancy package.

...But then I'd think, what if.... what if the company you work for are so financially screwed that you have no redundancy package?

Some interesting stuff here:
http://www.terrysmithblog.com/straight-talking/201...

"I suppose I also shouldn’t be surprised that both the government and Alastair Darling put forward housebuilding as one of the solutions to this problem of a lack of growth. Neither seems to have considered the following factors:

1. An obsession with home 'ownership' (with a 100%+ interest only mortgage-hence the inverted commas) was part of the cause of the financial crisis;

2. In the most successful economy in Europe-Germany-less than half the population own their home; and

3. No one has ever managed to export a house.

By the way, the government is talking about promoting 'affordable housing'. For those of you familiar with Hutber’s Law, if there is such a thing as 'affordable housing' what does that make the remainder? "

He's just informed them he's letting out his property and they're happy for him to remain on a residential mortgage?

The Government steps in (to a limited degree). Also your mortgage protection insurance would pick up the mortgage payments.

You can do "what if.." for ever. I was too cautious - I never thought the job (the whole business area) I was in would last, but it did. I could retire anytime now if I needed to but I'm being paid to post all day on PistonHeads (like everyone else here ) so I might as well hang on for a bit.

I do think that employment uncertainty will continue to affect the market. My NHS employed daughter is moving from a permanent job to a 1 year fixed term contract to move up a level. Her replacement will be employed on a FTC too. The NHS might decide to stop funding her role and she'd be out of a job with no redundancy pay. She's already on the housing ladder, but it's going to be even tougher for her colleagues who aren't.