Mortgages provided by banks and building societies should be three and a half times the annual income of the customer. Repayments of the mortgage should be approximately twenty-five per cent of the borrowers weekly or monthly income.
But the main proviso the Millennium Party would enforce is that repossession of a property because a customer defaults on their mortgage repayments would constitute full repayment of the mortgage. [I call this "the Canary Wharf Law"] This stipulation should put an end to sub-prime loans and mortgages.
This website enumerates policies that the editor believes will provide solutions to the problems Britain faces. But all policies, from whatever party is in power, should carry out "What if" five year projections of the effect of the policies considered on a Graphical Representation model of the Economy and Social Structure of Britain before any such policy is implemented. This is what the Viable System Model paradigm enables politicians to do. The accuracy of statements made in this website is not guaranteed. The figures used are a rough guide only.
