Owen McGee

as a percentage of the value of your house.

So if your house is worth 100,000, you have a mortgage of 90,000, that's a 90% loan to value.

And the bank wanted people to have skin in the game.

They wanted you to have the 10% deposit to put it in, but technically they can break those rules as well.

But let's, I'm going to be honest with you.

I do like the headline.

It does mean we're all talking about this this morning.

But I'm sorry, Charlie.

Charlie Weston wrote the piece.

I'm sorry, Charlie.

It feels to me like a little bit of a storm in a teacup.

Because what the banks are saying here, my understanding, and my industry sources have told me, that that particular bank knew who was asked the question.

this week oh you've never you have never done an exception before right they've never used their 15 and there's lots of reasons for that but they were asked the question if you were to use your exceptions are you considering doing this they might look at it in the future right if you were to do it what's the max you'd go to and they said oh in an absolute i'll give you exact word for word what i was told in a humdinger of a case in an absolute case where it was a no-brainer that this person can afford this mortgage we might go up to five times but they've never done it before

They've no plans to go and put a big sign above their door to say we're giving out five times.

And the reality is, is that it would want to be an incredibly exceptional case for them to do it.

I love this question because you know what?

You don't know.

It's totally a black box.

We don't really know.

And actually what can happen is traditionally what happened was when these were first introduced, you could only do is your exceptions were 15% of your loan book in the calendar year.