Homeowners who are currently experiencing loan charges may be interested to hear that the Institute for Public Policy Research (IPPR) has made a number of suggestions for capping mortgages.The IPPR suggests that mortgages should be capped at 90 per cent of property values and at a maximum of three-and-a-half times household income.However, Catherine Hearnden, director at independent financial advisers MyMortgageDirect, has said that the proposal to cap a mortgage to three-and-a-half times household income is "ridiculous".She said: "The [maximum of] three and a half times household income is ridiculous because every household has different expenditure - one household might have five kids and one might not have any."Also, they might have other commitments and you don't know what sort of jobs they have."Ms Hearnden added that the 90 per cent loan to value cap is not "too bad a thing" so long as there are schemes in place to help first-time buyers.Samantha ClarkeSamantha is a former banking assistant and has over ten years experience in retail banking.
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