The Bank of England sought to put the brakes on Britain's surging housing market on Thursday by announcing a cap on home loans and tougher checks on whether borrowers can repay their mortgages. The Bank's Financial Policy Committee said that from October, it would only allow 15 percent of new mortgages to be at multiples higher than 4.5 times a borrowers' income. Britain's housing market has seen a stellar recovery thanks to record-low interest rates, falling unemployment and government-sponsored schemes.
via Business News - Yahoo Finance http://ift.tt/TlIMh2
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