Market news
26.06.2014, 13:31

Bank of England plans to cap mortgages beginning from October

The Bank of England released its financial stability report:

  • BoE plans to cap mortgages beginning from October;
  • 85% of mortgage approvals would need to be below 4.5 times of the borrowers' income;
  • BoE plans to test banks, whereby borrowers could repay the mortgage even if interest rates rise to 3%;
  • No new mortgages around the limit of 4.5 would be allowed.

The Bank of England Governor Mark Carney said at the press conference today:

  • The recovery in the U.K. economy is strengthening;
  • The housing market is the main risk to the U.K. economy's stability.

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