Bank of England rolls out looser mortgage rules to help first-time buyers
by Kalyeena Makortoff and Graeme Wearden from Economics | The Guardian on (#6YH6N)
Move hopes to push lenders to offer more high loan-to-income mortgages and help 36,000 buyers on to housing ladder
The Bank of England has rolled out looser mortgage rules that policymakers hope will help 36,000 more first-time buyers on to the housing ladder each year.
New guidelines announced by the UK's central bank mean that individual banks and building societies can offer more high loan-to-income (LTI) mortgages, which are equal to, or worth more than, 4.5 times a borrower's annual earnings.
Continue reading...