UK Politics
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!ukpolitics@lemm.ee appears to have vanished! We can still see cached content from this link, but goodbye I guess! :'(
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I remember looking at the 10% stress test on the paperwork and thinking "oof", but feeling a bit safer that people are at least being made aware of this when they take out a mortgage.
This was brought in last year to change the way stress testing on applicants runs. Previously, you had to be able to withstand 7% (iirc, don't quote me), it's now a 1% rise stress test, though the 4.5x salary limits still apply.
AHH interesting that makes more sense then because we remortgaged before those changes in the rules.
I mean... they ain't going to be coming off onto the 4% 🥲 but stress testing at 7% should still (for the time being) mean that everyone with a mortgage should have been aware of the risks and budgeted accordingly. No?
No-one wants to pay more of course.... I have sympathy for that. I just don't understand the shock that some people are claiming.