73% Say lenders should relax income multiples

An overwhelming 73% of readers last week voted that with first-time buyers struggling, it is time for lenders to relax income multiples.

Economist John Wriglesworth urged lenders to increase income multiples in last week’s magazine. He says in a period of strong economic growth, the risk of offering 6 x income is minimal and it is time for lenders to relax their criteria on fixed rates.

This week MS asks: “Should the Financial Services Authority review MCOB as requested by IMLA?”