Published 4 years ago • loading... • Updated 4 years ago

Mortgage Affordability Test Has Been Scrapped By The Bank Of England

Summary by Ground News

Mortgage 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.

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This Is Money

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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.

4 years ago·London, United Kingdom

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The Guardian

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Bank of England scraps mortgage affordability test

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

4 years ago·London, United Kingdom

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tyla.com

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The Bank Of England Has Scrapped The Mortgage Affordability Test

The Bank of England has scrapped the mortgage affordability test.

4 years ago

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Daily Mirror

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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

4 years ago·London, United Kingdom

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