Bank of England creates new mortgage rules to prevent bubble

Source: Reuters
© Scanpix/AP
The Bank of England decided to implement new rules for mortgages in the country in order to prevent the property market from further strong price increases and limit the negative effect on the economy in the future. As planned, from October the U.K. banks will be allowed to have not more than 15% of new mortgages, the volume of which will 4.5 times exceed the income of a borrower.
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