On the front page of yesterday's Sunday Star Times on Banks being easier on Loans.
John Bolton from Squirrel Mortgages is quoted as saying he had an easy rule of thumb to define the likelihood of a loan being approved:
"Take your household income, divide it by two and multiply it by eight and as long as you're borrowing less than that, it's a piece of cake all the way up to 95%"
Is this so he can use both hands to work that one out or is his calculator missing the number 4 - I'm not sure I'd have him doing my mortgage calculations.
May be he thinks the banks will be impressed by that equation.
And if you can't work it out, get out of property investment real fast.
cheers
Phil
John Bolton from Squirrel Mortgages is quoted as saying he had an easy rule of thumb to define the likelihood of a loan being approved:
"Take your household income, divide it by two and multiply it by eight and as long as you're borrowing less than that, it's a piece of cake all the way up to 95%"
Is this so he can use both hands to work that one out or is his calculator missing the number 4 - I'm not sure I'd have him doing my mortgage calculations.
May be he thinks the banks will be impressed by that equation.
And if you can't work it out, get out of property investment real fast.
cheers
Phil
Comment