What do new mortgage proposals mean for London’s first-time buyers?

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Mortgage lending rules could be simplified under a Bank of England proposal to withdraw its affordability test

The Bank has launched a consultation about whether its recommendations — introduced in the 2014 Mortgage Market Review to guard against an excessive build-up of household debt — are both still required to prevent a financial crisis similar to the 2008 crash.lenders offer homebuyers can be for more than 4.5 per cent of their household income.

 

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