FCA to ease rules restricting mortgage lending

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Financial Times 3d ago

FCA to ease rules restricting mortgage lending - Financial Times

Quick Summary:

The BoE’s Financial Policy Committee limits banks above a certain size to lending no more than 15 per cent of mortgages at ratios of more than 4.5 times a household’s income.

Rathi has also said that easing controls on mortgage lending could increase defaults and repossessions of homes, calling for politicians to define an acceptable level of harm to consumers as he warned that more would “go wrong” when regulations are loosened.

Bank of England governor Andrew Bailey told MPs in January that any reforms to mortgage rules should take account of how they have helped to avoid “a real problem of the sort we have seen in the past” in the next cyclical downturn or economic shock.