The ‘monster’ mortgage is back – is it a risk?

A leading bank has begun offering first-time buyers loans of 5.5 times their income – and they only need a tiny depositAfter the financial crash struck in 2008, loans to first-time buyers were immediately slashed. There would be no more jumbo-sized mortgages of five times income or more. There would be no more 95% or 100% loans. Buyers would need a large deposit. But this week Clydesdale Bank said it will grant first-time buyers mortgages of 5.5 times a borrower’s income and lend up