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Rules restricting mortgage lending by British banks will be loosened under plans announced by the financial regulator on Friday to make it easier for people to buy their own home.
The Financial Conduct Authority said it was launching a call for evidence on how to ease its rules requiring banks to stress test whether borrowers can cope with higher interest rates.
The regulator said it would then launch a consultation in May on “early ideas to simplify its rules and benefit mortgage customers” by making it easier to remortgage, get advice and reduce the term of a home loan.
The plans were welcomed by chancellor Rachel Reeves, who said they would “kick-start economic growth and help working families get on the housing ladder”.
This is a developing story