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It also depends on the availablility of mortgages. If lenders insist on high interest rates compared to the current base rate, plus high fees, plus limited loan to value ratios and enormous deposits, and low earnings to loan ratios, mortgages become increasingly difficult to obtain and afford...

I just take the attitude that I am effectively "renting" my house from the building society, who own it (or at least own the money that is paid for it which is effectively the same thing. Also given that if I default on the loan the building society will take possession of the house), until such...