Friday October 23, 2020

Stress test due for all fixed-rate borrowers

First-time buyers who sign up to fixed-rate mortgages in a bid to borrow more money to buy a house will no longer be able to do so from next month.

18th August, 2007

First-time buyers who sign up to fixed-rate mortgages in a bid to borrow more money to buy a house will no longer be able to do so from next month.

All lenders that fall under the remit of the Financial Regulator must stress-test loans to ensure borrowers can afford mortgage repayments if interest rates increase.

Under new rules being introduced by the regulator next month, lenders will be required to stress-test all mortgages to ensure...

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