Six times salary mortgages are now being offered

http://www.telegraph.co.uk/global/main.jhtml?view=DETAILS&grid=&xml=/global/2007/04/11/nhomes11.xml

UPDATE: Nine times!

http://www.cambridge-news.co.uk/news/region_wide/2007/04/12/c35ac683-f9d5-459d-84f4-d7150f641794.lpf

UPDATE: Ten times!

http://business.timesonline.co.uk/tol/business/money/mortgages/article1654078.ece

the old 3.5 times salary rules is deemed old hat - good job the credit assessment is much more sophisticated. Until the banks start tightening their lending criteria and/or the MPC raise real interest rates (currently <1% with RPI inflation at 4.6%), the boom shows no sign of abating, although the bust is sure to come at some point. The long term interest rate mean is around 7%, and nothing says rates won't exceed the long term mean.

The chart above is using CPI -a measurement that even the BOE governor is unhappy with (unlike RPI, CPI excludes mortgage payments)

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2006/11/01/cnbank01.xml