Halifax has defended its decision to offer to lend certain customers up to six times their income.
But Britain's biggest mortgage lender described the chances of someone qualifying for the loan as less likely than winning the lottery.
People would only be able to borrow such a high multiple through its new ten-year fixed rate mortgages at 5.29 per cent.
In addition, they must earn at least £100,000, have a deposit of at least 30 per cent and have an unimpeachable credit history.
Shane O'Riordain, general manager of Halifax, said: "There is more chance of winning the lottery than getting this six times income from us."
Friday April 4 2003
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