UK mortgage lenders told they can scrap affordability rules for buyers

Bank of England feels other measures will play stronger role in guarding against household debt

Lenders will no longer have to check whether homeowners could afford mortgage payments at higher interest rates after the Bank of England ditched rules originally designed to avoid another 2007-style credit crunch.

The rules, introduced in 2014, were intended to make sure borrowers did not take on more debt than they could afford, and potentially amplify" an economic downturn and put financial stability at risk.