The Daily Mirror sent a mystery shopper out into the mortgages market to separate rumour from reality and find out just how generous the lenders are prepared to be. The mole was 27-years-old, with a notional salary of £25,000, and a confusing bonus of £1,000, which wasn't guaranteed and so shouldn't have been included in salary figures... but often was. The Northern Rock offered him a loan of 5.3 times salary, which would have left him with repayments of £911 a month. L&C's response was surreal:

It told our borrower he could get an extra £12,000 if his salary was just £1 higher. At £25,000 it was prepared to lend him £120,000, 4.8 times his income. But the broker said: "If your income is above £25,001 then you can get 5.3 times. That's just the way it works." This would give the buyer a mortgage of £132,000.

It's an interesting read. Find it here.

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