MPs back tougher approach to mortgages

MPs have backed finance ministry plans to toughen up the rules on mortgages, including putting limits on maximum borrowing.

The rules, which aim to stop households getting into financial trouble, state that a mortgage can be no higher than 110% of the value of the property.
In addition, banks will no longer be able to extend interest-only mortgages.
The new rules had already been agreed with the banks and financial services regulator AFM, although some banks have now said they fear the measures will further dampen the housing market.

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