Boost for First-Time Buyers as ‘Mortgage Lending Reins Loosened’
GREATER LONDON, ENGLAND, JUL 9 – The Bank of England permits lenders to exceed 15% individual high loan-to-income mortgage limits, potentially helping 10,000 more first-time buyers annually, while maintaining a 15% aggregate cap.
- Lenders can now offer more mortgages at high loan-to-income levels, according to the Bank of England's Financial Policy Committee, which discussed loosening limits on lending.
- Nationwide announced it could lend to 10,000 more first-time buyers yearly due to increased flexibility in its high loan-to-income lending.
- The FPC's move allows lenders more than 15% of their lending at high loan-to-income ratios while keeping a 15% cap across lenders to balance financial stability risks.
- Dame Debbie Crosbie stated this change is a boost for first-time buyers and the UK's housebuilding ambitions, with no significant increase in risk.
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The VVD party proposes allowing first-time buyers to save tax-free for their first home purchase. Participants in the proposal are divided on this plan. Just over half consider this a good way for young people to secure a home.
·Amsterdam, Netherlands
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Boost for first-time buyers as ‘mortgage lending reins loosened’
One mortgage expert said the Bank of England had made a ‘welcome and pragmatic move’.
·London, United Kingdom
Read Full ArticleThe UK Prudential Regulatory Authority (PRA) is going to review the requirements in the granting of mortgages considered to be risky, which means...
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Leaning Left3Leaning Right2Center3Last UpdatedBias Distribution38% Left, 38% Center
Bias Distribution
- 38% of the sources lean Left, 38% of the sources are Center
38% Center
L 38%
C 38%
R 25%
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