Bank of England plans to remove interest rate rule for mortgages

Bank wants to scrap rule that borrowers must be able to afford rate rise of three percentage points

The Bank of England has announced plans to ease mortgage lending rules in a move that could help thousands of first-time buyers get on to the property ladder.

The central bank said it wanted to remove a requirement that forces borrowers to be able to afford a three-percentage-point rise in interest rates before they can be approved for a home loan.