Mortgage Regulator removes the need for further affordability stress tests
Channel: Niche
Date: 2022-06-20

In this video we talk about the news that the The Financial Policy Committee (FPC) has confirmed that the affordability stress test for mortgages will be withdrawn from 1 August 2022.

The stress test was introduced in 2014 and requires lenders to assess a borrower’s future ability to repay a mortgage. This is calculated by seeing if a borrower would be able to repay a mortgage if the rate was three per cent above a lender’s reversion rate. 


Read the full Mortgage Solutions article below. 
https://www.mortgagesolutions.co.uk/news/2022/06/20/fpc-to-withdraw-mortgage-affordability-stress-test-from-august/

To contract Payam for advice on Bridging Loan products please click here https://www.nicheadvice.co.uk/contact-us/

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THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. AS A MORTGAGE IS SECURED AGAINST YOUR HOME OR PROPERTY, IT COULD BE REPOSSESSED IF YOU DO NOT KEEP UP THE MORTGAGE REPAYMENTS.

The content of this Video does NOT constitute giving advice it is purely designed for general information purposes only. The qualification for a mortgage will depend on your own individual circumstances, and your case should be fully discussed with a Professional Mortgage Broker before you apply. Niche Advice are Independent Whole of the Market Mortgage Broker dealing with different types of clients buying properties all across the UK.

Some Buy to let, and commercial mortgages are not regulated by the Financial Conduct Authority.  

Niche Advice Limited is a Credit Broker and does not lend money directly to clients. Niche Advice Limited is authorised and regulated by the Financial Conduct Authority. FCA No: 750263. The Financial Conduct Authority does not regulate Commercial Buy to Lets including some Bridging Loan products.

#Mortgageaffordability  #maxmortgage #mortgagerules