Sentence examples for affordability test from inspiring English sources

The "new" affordability test, checking that you can afford to pay when rates are 3% higher than today, is already in place at the vast majority of lenders.

He says the new affordability test (a 3% jump in interest rates) is what "prudent lenders too".

The chief executives of the trusts and PCTs were required to pass the affordability test set by the Treasury.

Under the affordability test, the new monthly payment may be deemed unaffordable, causing the lender to reduce the amount it is willing to lend.

But under the so-called "family glitch," the affordability test applies to only individual coverage and ignores the cost of much more expensive family plans.

The affordability test would be determined borough by borough: the London living rent would be higher in Hackney than Barking, for example, if the average salary was higher.

It is forced to change affordability tests.

New mortgage affordability tests will be introduced from April 2014.

Affordability, tested against much higher interest rates, has to be rigorously assessed before loans are granted.

"While we suspect many will fail the affordability tests, it will put some upward pressure on prices," they said.

The Bank is also bringing in affordability tests that will oblige lenders to test whether borrowers could cope with significant increases in mortgage rates.