The changes to lending that could be a leg-up for home buyers
These changes include greater flexibility on interest rate stress tests, considering past rent payments as proof of affordability, and altering loan-to-income ratio rules for lenders.
The move comes as high house prices, tough existing mortgage rules, and recent stamp duty changes have made home ownership increasingly difficult for many.
While some lenders, such as Santander and Nationwide, are already relaxing their lending criteria, mortgage brokers caution that responsible lending and borrowing are crucial to prevent future financial hardship.
The FCA aims to balance increased accessibility with market stability, ensuring sustainable home ownership without repeating past financial crises.
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BBC News
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The Guardian
38 minutes ago
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The Independent
41 minutes ago
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