This week the Bank of England has scrapped a key affordability test for borrowers wanting to take out a mortgage which was introduced following the 2008 financial crisis.

Since Monday, lenders no longer have to assess whether borrowers will be able to afford a mortgage if interest rates increased by 3 per cent because the Bank claimed it was no longer necessary and was actively preventing people from getting a mortgage.

This week FTAdviser deputy editor Damian Fantato is joined by Jeremy Duncombe, managing director of Accord Mortgages, and Danny Belton, head of lender relationships at Legal & General Mortgage Club, to discuss what impact this might have.

They discuss the criticism this decision has received that the Bank should have waited for the current macroeconomic turmoil to end, they weigh up what actions lenders might take and they discuss what sort of borrower might benefit from this change.

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The FTAdviser Podcast is designed to inform regulated UK advisers on a range of topics, covering investments, pensions, regulation and other key issues.

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