The Bank of England's Financial Policy Committee has announced that lenders should apply a stressed rate which assumes a growth in the base rate of 3%. Accompanying this, caps have been announced on lending at income multiples greater than 4.5 x gross income.
As a result of this announcement, we'll be making some changes to our affordability calculation, which means you may receive a different affordability result than you've come to expect.
From tomorrow Tuesday 22 July, our calculators will be updated to reflect the following changes:
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