A new rule change is coming into force that will effect homeowners with a existing mortgage and those looking to take out a mortgage on a new home.
The Bank of England has confirmed that the affordability test for mortgage lending will be scrapped from August 1 which will allow homeowners to borrow more money.
The affordability test was first introduced back in 2014 alongside the loan-to-income (LTI) limit which help lenders consider a potential borrower's ability to repay a mortgage back over a set length of time.
The rules were introduced to ensure borrowers didn't get into debt, but despite the current cost of living crisis, the affordability test has now been relaxed.
Read more on manchestereveningnews.co.uk
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