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Bank of England withdraws mortgage affordability test

Reuters
·1-min read
FILE PHOTO: A person walks past the Bank of England in the City of London financial district in London

LONDON (Reuters) - The Bank of England said on Monday that its Financial Policy Committee would withdraw its mortgage affordability test recommendation following a review of the mortgage market.

The withdrawal will come into effect from August, the BoE said.

The central bank introduced the test in 2014 to ensure that borrowers do not become a threat to financial stability by taking on debt they could not afford to repay.

The BoE said its loan-to-income "flow limit" would not be withdrawn and, alongside other affordability assessments, would help to protect the financial system in a simpler, more predictable and more proportionate way.

(Reporting by Kylie MacLellan, writing by Muvija M; Editing by William Schomberg)