Released on = May 4, 2007, 3:03 am

Press Release Author = Charlotte Burrows

Industry = Real Estate

Press Release Summary = Mortgage lenders offering first time buyers mortgages up to
six times their salary have been criticised by a range of charities for leaving many
people \"financially, frighteningly exposed\" says National Homebuyers.

Press Release Body =

According to Ian Brown of Citizens Advice Scotland, the offer of a mortgage up to
six times a buyers\' salary is encouraging people to purchase properties they can\'t
afford.

\"It is a huge worry for many people and allowing people to take on mortgages of up
to six times their salaries pushes them closer to the edge financially,\" he told the
Herald.

Such mortgage products are available from lenders including Royal Bank of Scotland
(RBS), Northern Rock, Intelligent Finance and Alliance & Leicester.

It is thought they are being made available as rising house price inflation is
pricing an increasing number of Britons out of the market - forcing them to take on
higher debt burdens.

The move has also been criticised by Archie Stoddart, director of Shelter Scotland.

\"Ordinary families are being forced into taking on the burden of mortgages due to
the dire shortage of good quality affordable rented housing,\" he told the Herald.

Property expert Julian King adds: \"It is despicable that mortgage lenders are now
increasing their margin by offering such huge mortgages to people on which they are
confident they will default.

\"People are being exposed to huge financial risks which in turn will cause untold
damage to the property market.

\"We already have the highest number of repossessions since the early nineties and
this will increase dramatically.\"

Mr King is managing director of National Homebuyers, the UK\'s leading fast purchase
property company that has been solving many peoples\' financial problems by
purchasing their houses before they are repossessed.

Web Site = http://www.nationalhomebuyers.co.uk/newsarticle.asp?ID

Contact Details = Sterling House
20 Victoria Way
Burgess Hill
West Sussex
RH15 9NF
08709798118