Evening landlubbers. A journalist at Thisismoney / Mail Online is writing a piece on rumours that the Bank of England might move to loosen mortgage affordability checks for borrowers, including reducing the reversion rate used in its modelling down from SVR + 3 per cent. This is as part of its mortgage market review that it is concluding next week.
She wants to know if this will leave borrowers vulnerable to rate hikes, or whether it is warranted because we are now in a lower-rate environment than when the rules were first set? And what might it do to house prices?
Deadline is tight so go go go. Do NOT write War and Peace. Keep it nice and punchy!