More than 3.7 million potential mortgage customers would be happy borrowing five times their salary or more, research suggests.

Around one in 12 people who plan to apply for a mortgage in the next three years say they'd be happy borrowing at that level, according to online mortgage firm mform.co.uk.

And their figures also show as many as 1.38 million of those people would be willing to risk taking out mortgages worth six times or more their salary.

"The findings are the latest indication of the desperation of many would-be homeowners to clamber on the property ladder and follow predictions from Government body the National Housing and Planning Advice Unit that homebuyers could face house prices of 10 times their income," mform.co.uk said in a statement.

The firm is urging all mortgage customers to be careful when applying for a new home loan and to focus on the true cost of their mortgage so they find a deal that is affordable.

Eamonn Rice, mform.co.uk chief executive, said: "Borrowing five or six times your salary would have been unthinkable just a few years ago.

Eamonn Rice, mform.co.uk: "Lengthy mortgage terms could quite easily become the norm with people potentially only repaying the capital from the ultimate sale of the property."

"But with average house prices pushing well past £200,000 it is understandable that people are becoming more willing to borrow more.

"They've seen house prices continue to increase despite predictions that the housing boom is set to end in a bust.

"And it is the case that the old days of mortgage customers only borrowing a maximum of three times their salary are long gone."

He added: "The mortgage industry itself has recognised this with more and more lenders willing to consider higher income multiples and longer repayment terms.

"Lengthy mortgage terms could quite easily become the norm with people potentially only repaying the capital from the ultimate sale of the property.

"However, there are still major risks involved in borrowing five or six times your salary.

"Customers need to ensure they are receiving the best possible deal and that repayments are affordable.

"There is no point getting on to the property ladder only to have your house repossessed."

Council of Mortgage Lenders (CML) data revealed that in 2006, 21 per cent of first-time buyers borrowed four times their salary.

mform.co.uk's own research shows around one in three providers currently offers 100 per cent mortgages and 10 lenders who offer more than 100 per cent in specific circumstances.

The article Rise of the five times salary mortgage originally appeared on 999 Today