US EditionBoost 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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Evening Standard+6 Reposted by 6 other sources
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
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The 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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Total News Sources13
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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