Sat, 22 January 2022

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BSA responds to the Financial Stability Report – December 2021

Building Societies Association

1 min read Partner content

Commenting on the announcement by the FPC of a consultation on the +3% stress test, Paul Broadhead, Head of Mortgage and Housing Policy at the BSA said:

“We welcome the Financial Policy Committee's intention to withdraw the affordability stress test for new mortgages. This measure mainly impacts certain borrowers, such as first-time buyers and those looking to buy in the South East, who can clearly afford a mortgage but are hindered by the requirement to test that they could still pay their mortgage if rates were in the region of 6%+.  

"Lenders will continue to check that a mortgage is affordable both now and if interest rates increase in line with market expectations." 

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Engineering a Better World

The Engineering a Better World podcast series from The House magazine and the IET is back for series two! New host Jonn Elledge discusses with parliamentarians and industry experts how technology and engineering can provide policy solutions to our changing world.

NEW SERIES - Listen now