The government has today (
This follows the Chancellor of the Exchequer s announcement earlier this month at Mansion House that any mortgage lending limits introduced by the Bank of
As set out in the
The new limits on banks borrowing will apply to every single loan under the Help to Buy mortgage guarantee scheme.
In his Mansion House speech the Chancellor also reiterated that the Bank of
The latest official statistics for the mortgage guarantee scheme demonstrate that the scheme: is supporting responsible lending: on average households are purchasing houses worth around £150,000 (well below the
While at present less than 5% of loans under the mortgage guarantee scheme are at loan to income ratios at or above 4.5, the scheme rules will be amended to ensure that no new loans at or above 4.5 times borrowers income can be included in the Help to Buy mortgage guarantee scheme to provide a further safeguard and ensure that the Help to Buy mortgage guarantee scheme continues supporting responsible lending.
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