Each week, we also round-up the best comments, emails and letters to the site and pick one reader contribution as our Star Letter. This week’s award goes to:
Bank of England proposes restrictions on loan-to-income ratios
This will not impact on me and my clients too much, I have always worked on a base of 4x income. I have always said we can potentially go further if needed but that should be a starting point.
That being said, this is ridiculous! Everyone is being tarred because of the recession. Since then, there is very little non-advised business. Back door BTLs have been rectified (in the main), we now have affordability assessments and self cert has been stopped completely.
All of the above I have completely agreed with, this step goes too far. Advisers and banks are assessing clients can afford mortgages at higher rates along with the above – I think that is more than enough to sort the market out.
Tony
