Halifax has recently announced that the stress rates used in their affordability calculation will be lowered. Typical customers will see an increase of around 13 per cent in the maximum amount they can borrow - potentially around £38,000 more, which is clearly good news for future homebuyers.
One of the hurdles of getting on the property ladder after you’ve saved (or been gifted) a deposit is passing a lender’s affordability assessment, which can be a challenge. However, recent “encouragement” from the Financial Conduct Authority (FCA) has led to lenders like Halifax relaxing these assessments and opening up possibilities to more borrowers.
