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The Bank of England has announced plans to relax mortgage lending rules from 01 August in a boost for first-time buyers.

Currently, borrowers have to show they would be able to afford repayments if their mortgage reverted to their lender’s higher variable rate and if interest rates jumped by 3%.

However, the Bank’s Financial Policy Committee has decided to scrap the rule.

The decision to scrap the rule comes amid the 40-year inflation high of 9%.

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