That is what a young professional told the BBC when asked about how much was she ready to pay for her mortgage. This young lady earns some £30,000 (€37,500) a year, meaning that the mortgage she aims for should be less than £90,000 (€112,000). How she will manage beats me, considering the housing market. If she does, and if many Brits do, I shall envy them. Why?
Take a look at Malta. If I would like to have a maximum mortgage of three times my annual wage, that would put me in the range of €40,000 to €50,000. Now, a decent unfurnished, shell form flat / apartment in a decent location would have a price tag of at least (and this is optimistic) double the maximum mortgage of three time my annual wage.
Looking forward to forking out that money? NO WAY!! But the time will come...
I fully share the thought of the people in the BBC article:
"I'm not looking for an investment. I'm looking for somewhere to live" - Izzy Miyaghi
"...an entire generation of young professionals has been unable to get on the housing ladder as a direct result of immoral lending" - Heidi McFadden
BBC
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