Move hopes to push lenders to offer more high loan-to-income mortgages and help 36,000 buyers on to housing ladder
The Bank of England has rolled out looser mortgage rules that policymakers hope will help 36,000 more first-time buyers on to the housing ladder each year.
New guidelines announced by the UK’s central bank mean that individual banks and building societies can offer more high loan-to-income (LTI) mortgages, which are equal to, or worth more than, 4.5 times a borrower’s annual earnings.
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