Buyers are paying an average of £127,922 for their first home, according to Halifax. Assuming the lender will accept four times a single income and three times joint incomes, someone buying on their own would need to earn almost £32,000 to borrow all the property's value. A couple would need a joint salary of about £42,500. In London, first-time buyers pay an average of £208,969 for a home, so a single borrower would need to earn £52,250 and a couple £69,650.

And yet a recent report claims that demand for 100% mortgages has risen by 50%. They're useful, say some experts, if you're a bigger earner than you are a saver. They're uncompetitive and a fast-track to negative equity, say others. And the Rat and Mouse - hardly a bear on the subject of the housing market - can't help but feel a little more sympathy with the latter position. Yesterday's Sunday Times, carried this useful guide to a few current deals - not just 100%, but 102%, 110% and 125% too. Will the madness never end?

Hollingworth defends the 125% mortgage [February 10]