Halifax Reduces Mortgage Affordability Stress Testing

Halifax has today announced stress testing changes that could result in increased maximum borrowing for many clients.

These changes will apply to the lender's standard affordability calculation, as well as the enhanced affordability clients often benefit from when taking a 5 year Fixed rate product or like-for-like remortgage.

Halifax estimates that new applications will see a maximum borrowing increase of approximately 13% compared to previously, with changes to the calculator coming into effect for applications submitted 15/04 onwards.

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