When I was young, lenders did not lend more than two-thirds of the valuation of a house. This was probably too low, but over the years the percentage crept up until not infrequently it reached 95 or 100 per cent.
The assumption was that house prices would never fall again. This was the height of imprudence by the building societies and other lenders.
S G Grant, Letchworth, HertsReuse content