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Daily Mirror
Daily Mirror
Business
Levi Winchester

Mortgage affordability shake-up confirmed for buyers - what it means for you explained

Bank of England Interest Rates Moneyfacts

Mortgage affordability testing that is designed to make sure households can keep up repayments at higher interest rates will be scrapped from August.

Borrowers must currently prove that they can continue to repay their loan if their borrowing rate was to increase by three percentage points within the first five years.

But this rule will be scrapped from August 1, the Bank of England has confirmed - despite interest rates rising for the fifth time in a row and hitting 1.25% last week.

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