Sensible set-up

THE UK government plans to intervene in the property market by guaranteeing mortgages but this was common practice when I bought my first flat in 1970.

There were no mortgage advances in excess of 80 per cent of value and the guarantee was underwritten by a commercial company for a premium paid by me. In addition, building societies would only provide a mortgage equal in value to between two-and-a-half and three times my salary, and my wife’s income could not be included. This was deemed the amount that could be repaid within 25 years.

I do not know why this sensible set-up was ever changed and it certainly allowed me, aged 26 and just married, to acquire a top-floor flat in a good location for £3,500.

Dr John Cameron

Howard Place St Andrews