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-income (LTI) ratio."Some lenders noted that changes introduced as a result of the MMR might reduce approval rates somewhat," said the Bank of England survey."In addition,Supra TK Society High Tops Grey Black Green, some lenders suggested that a tightening in lending standards on large loans with high LTI ratios may also push down their approval rate a little."A tighter grip by regulators in the mortgage market is in reaction to rising house prices.Recovering demand in the housing market, amid ultra-low interest rates and a stronger economy, has seen the average UK house price hit ￡260,Supra Skytop High Tops Womens,000 according to official figures after rising 9.9% over the year to April 2014.Higher house prices mean bigger mortgages. This leaves some stretched borrowers open to the risk of default when the Bank of England hikes interest rates again, so market authorities want to curb riskier lending in order to mitigate this threat.  <div
UK Households Expect Interest Rates Rise Before 2015By Shane CroucherJune 18, 2014 11:31 BSTThe Bank of England looks set to lift interest rates within monthsReutersMost UK households expect the Bank of England to hike interest rates within six months.And they are increasingly pessimistic about their financial prospects,Supra Skytop III Womens, despite the strengthening UK economic recovery.According to a survey by research firm Markit, 60% of the 1,500 Britons polled in June said they expect interest rates to rise before 2015. That is double the 30% who said the same in May.Moreover, Markit's index for perceived financial wellbeing over the coming 12 months slumped to 48.4 in June, down sharply from 51.7 in May and well below the neutral 50 mark – signifying a slide from optimism into pessimism.Mark Carney, governor of the Bank of England, threw markets a curveball in his annual Mansion House speech by saying higher interest rates may come sooner than expected.Analysts have predicted the central bank will lift rates at some point in mid-2015 as the recovery powers on. But the economy has performed better than many were forecasting, causing the Bank of England to think again about when it will hike interest rates.There are concerns that some households' finances will reach breaking point when the Bank of England raises its base rate from the record-low 0.5%, where it has sat since 2009 to keep credit cheap and banks lending while the economy was depressed.Around three quarters of debt in the UK is held with a variable interest rate. This means when the central bank lifts rates people will pay more to service their debt each month, leaving them with less to spend in the economy and potentially pushing some to default."The fall in households' financial expectations coincides with greater prospects of an interest rate hike before the end of 2014," said Tim Moore, senior economist at Markit."Looking ahead, policymakers will be keeping a close eye on households' reaction to the possibility of more expensive mortgages, given the need to ensure that consumer demand is not choked off by further shifts towards policy tightening."To fend off the risk of an interest rates shock,Supra Skytop High Tops White Blue UK, Bank of England policymakers have repeatedly pointed out that any increases in its base rate will be small.RelatedMark Carney Hints Again at Surprise UK Interest Rates HikeUK Interest Rates Hike: Bank of England Policymakers Ready to Vote for IncreaseIs UK Interest Rates Hike Fear Worse Than Reality?Vince Cable: Lax UK Mortgage Market Risks 'Destabilising Whole UK Economy'ECB Monetary Policy Explained: What Eurozone Rates Decision Means  <div
UK Housing Boom: Bank of England Imposes Mortgage Market Cap to Curb Risky LendingBy Shane CroucherJune 26, 2014 11:16 BSTHouse prices have rocketed in recent months, forcing borrowers to take on larger mortgages.ReutersThe Bank of England is moving to curb riskier mortgage lending because the rapidly-reviving housing market is one of the biggest threats to the UK economic recovery.From October 2014, just 15% of a financial institution's new mortgage lending will be allowed to comprise loans of which the value is 4.5 times the borrower's income.This restriction will only apply to banks whose residential mortgage lending each year tops ￡100m. The policy will be enforced by the central bank's Prudential Regulation Authority (PRA), which oversees the financial sector."Lenders should continue to apply whatever criteria they feel are appropriate and commensurate with their risk appetite when taking individual lending decisions," said the Bank of England."The PRA would not expect firms to vary their lending practices as a result of this policy unless they find that they would otherwise be in breach of the limit."The Financial Conduct Authority (FCA) has said it would give "general guidance" on applying the new loan-to-income cap,2011 Supra Skytop High Tops Mens, which "will only affect a small number of FCA-regulated firms".The cap is in response to soaring house prices, a recovering economy and ultra-low interest rates. The Office for National Statistics (ONS) said the average price of a UK house hit ￡260,000 in April 2014, after leaping 9.9% across the year.Higher house prices mean bigger mortgages relative to h