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Income Multiples and Mortgage Repossession in the UK

Author

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  • Joseph Bamidele

    (School of Real Estate & Planning, Henley Business School, University of Reading)

Abstract

This paper presents the findings of the study that examines how income multiples for mortgage loan associates with home repossession using the data of the Council of Mortgage Lenders (CML). It employs a statistical measure for improving regression efficiency with conditioning information in the form of lagged instrument to unravel the pattern of association evident from the data. Based on the data, the study investigates what level of income multiples is optimum - that is the income multiple that minimises home repossession. A sensitivity analysis was undertaken to show how home repossession responds to changes in income multiples. For each of the analytical tasks, the study compares the aggregate market, first-time-buyers, and home movers.

Suggested Citation

  • Joseph Bamidele, 2010. "Income Multiples and Mortgage Repossession in the UK," Real Estate & Planning Working Papers rep-wp2010-02, Henley Business School, University of Reading.
    • Handle: RePEc:rdg:repxwp:rep-wp2010-02
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    Keywords

    Mortgage; Repossession; Affordability; Income Multiples; Lagged Instrument;
    All these keywords.

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