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The Bank of England Scraps the Mortgage Affordability Test
- 21 July 2022
- Posted by: Coffey Brooks
- Categories: Financial Advice, Mortgages
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For the past eight years, the Bank of England’s affordability test has ensured that prospective homeowners could withstand a 3 percent point rise in interest rates before taking out a mortgage. So, why are they suddenly ditching it at a time when the country is facing some of the highest interest rate increases in decades?
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