UK mortgages down but lenders preparing RMBS
Restrictions on UK mortgage lending introduced in April are having a cooling effect on the housing market, according to figures from the British Banking Association. But with mortgage approvals still up 12% year-on-year, UK lenders — including a potential debut issuer — will have plenty of assets to hand for an anticipated return to RMBS next month.
The Financial Conduct Authority introduced stricter affordability tests for UK homebuyers in April under the Mortgage Market Review, and the Bank of England imposed additional restrictions on the size of new mortgages in June.
The BBA said mortgage approvals had now “settled”, after the introduction of the Mortgage ...Already a subscriber? Login