Mortgage Affordability Test Has Been Scrapped By The Bank Of England

Bank of England scraps mortgage affordability test for borrowers

The test, introduced post-financial crisis, required borrowers to prove they could still afford their mortgage if interest went 3% above the standard variable rate.

Bank of England scraps mortgage affordability test

Test required potential homebuyers to prove they could afford three-percentage-point rise in interest rates

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

Mortgage affordability test scrapped - what does this mean for you?

THE MORTGAGE affordability test has now been scrapped by the Bank of England, but what does this mean for you?

Mortgage Affordability Test Has Been Scrapped By The Bank Of England

The test was used to help determined whether potential lenders would be able to cope with repayments

Mortgage lending rules eased by Bank of England

Some potential homebuyers may find it easier to get a loan as the central bank eases borrowing rules.