Exact(42)
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.
The reason is its new affordability.
In April, it introduced tough new affordability checks and limited lenders' access to borrowers' bank accounts.
Updated at 11.14am BST 10.41am BST The new affordability rules kick in today.
New affordability measures, designed to stop this, have not yet been tested, he warned.
Consumer organisation uSwitch said Wonga's new affordability rules are "a great victory for consumers".
Similar(18)
New mortgage affordability tests will be introduced from April 2014.
Tenants will also have to meet strict new mortgage affordability rules introduced under the Conservatives since the financial crisis.
Hockey thought so too in April, when he emerged from a meeting with state treasurers to announce a new "housing affordability taskforce".
Chartered surveyors Connells said the new mortgage affordability rules had already had an effect on the housing market, with the total number of property valuations for all purposes falling by 9% in March as lenders began introducing stricter affordability tests.
Seems Takeover Panel agees #dealoff May 20 , 2014Updated at 6.58pm BST 6.27pm BST Dharshini David of Sky News points out that the new mortgage affordability tests are already restricting lending, even before Lloyds income cap comes into play.
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