British banks and building societies will be able issue more mortgages at high loan-to-income levels, the Bank of England said on Wednesday. Individual lenders will now be able to have more than 15% of their lending at a high LTI ratio, although the sector as a whole will continue to have a 15% cap, the BoE said. The BoE said the move should allow more first-time buyers to get a mortgage, although it added that lenders’ deposit requirements were a bigger barrier for most borrowers.
British banks and building societies will be able issue more mortgages at high loan-to-income levels, the Bank of England said on Wednesday. Individual lenders will now be able to have more than 15% of their lending at a high LTI ratio, although the sector as a whole will continue to have a 15% cap, the BoE said. The BoE said the move should allow more first-time buyers to get a mortgage, although it added that lenders’ deposit requirements were a bigger barrier for most borrowers.
British banks and building societies will be able issue more mortgages at high loan-to-income levels, the Bank of England said on Wednesday. Individual lenders will now be able to have more than 15% of their lending at a high LTI ratio, although the sector as a whole will continue to have a 15% cap, the BoE said. The BoE said the move should allow more first-time buyers to get a mortgage, although it added that lenders’ deposit requirements were a bigger barrier for most borrowers.
