this post was submitted on 22 Jun 2023
37 points (97.4% liked)
UK Politics
6 readers
1 users here now
General Discussion for politics in the UK.
Posts should be related to UK-centric politics, and either a link to reputable news source, or be a text post.
If you think "reputable news source" needs some definition, by all means start a meta thread. (These things should be publicly discussed)
Posts should be manually submitted, not by bot.
Disappointing comments will generally be left to fester in ratio, outright horrible comments will be removed.
Message the mods if you feel something really should be removed, or if a user seems to have a pattern of awful comments.
We are friends with [email protected], a uk news community on a more general site.
founded 2 years ago
MODERATORS
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
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.