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MSE News: Risky mortgage clampdown outlined by Bank of England
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Former_MSE_Paloma
Posts: 531 Forumite


Bank of England's planning to cap home loans and introduce stronger checks to make sure borrowers can afford repayments ...
Read the full story:
Risky mortgage clampdown outlined by Bank of England

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Risky mortgage clampdown outlined by Bank of England

Click reply below to discuss. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
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Comments
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Rather old news.0
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not only is this old news but it's universally felt (even by the BoE) that this isn't a clampdown and will have negligible effect on house prices.
the previously implemented MMR may have some effect as mortgages seem to be getting harder to acquire.0 -
When will the media grasp the fact that the BOE is primarily looking at the impact on the banks balance sheets if there were to be another financial downturn.0
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not only is this old news but it's universally felt (even by the BoE) that this isn't a clampdown
Indeed.
Banks will be allowed to make 15% of loans at over 4.5 times joint income moving forward. The current average is just 9%....
And the BOE have now, in effect, expressly stated that mortgage loans of up to 4.5 times joint income are not risky.
Happy days for the housing market....:beer:“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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