What criteria for judging sizes of mortgages these days (2011) ?

In the good-old, bad-old days it was 4.5 times main salary and once the lower salary.

Then it was what mortgage could be sustained on roughly 35% of the net monthly income.

Has this changed in recent times ? Are there any other qualifications ?

The most important factors these days are

1) Repayment capacity - you must prove to the lender that you can afford the projected future mortgage repayments stress tested at an interest rate of around 6%. You can do this using a combination of savings and rent.

2) Steady job - the longer you are with your employer better.

3) Well managed current accounts - i.e not overdrawn, no referral fees, predictable spending patterns.

4) History of savings.

If you pass these three tests then the lender will look at your income and decide if you can you afford the mortgage after paying for day to day living expenses.

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