Summary by Ground NewsMortgage borrowing rules have been eased after the Bank of England scrapped an affordability test. The "stress test" forced lenders to calculate whether potential borrowers would be able to cope if interest rates climbed by up to 3%. Removing the test may help some potential borrowers get loans, such as the self-employed or freelance workers.
2 months ago·London, United Kingdom
Huge change to important mortgage rule kicks in today - see how it affects you
The affordability "stress test" for mortgages - where you had to prove you could keep up your repayments if your rate was to rise - has been scrapped by the Bank of England from today
2 months ago·London, United KingdomRead Full Article
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