Related topic: Stress test

The new stress rates will allow eligible customers to borrow up to an additional £33,000.

Stress tests have also been lowered across Metro Bank’s two-year fixed rate products.

The change will allow eligible customers to borrow up to an additional £33,000. 

The trade body also believes borrowers may need to wait until 2026 for another reduction in interest rates.

Customers can now borrow up to £55,000 more under the Society’s new stress testing.

Earlier this week the Society reduced its stress tests, giving borrowers the chance to borrow up to £35,000 more.

The stress rate has been reduced by up to 2% and is expected to increase affordability on a typical joint application by around £30,000.

The changes will increase maximum borrowing by 8-15% for many mortgage applicants.

Since January, average prices paid by first-time buyers rose 2.5 times faster than those paid by movers.

The lender has improved the potential amount borrowers can lend across its full product range, including shared ownership and interest-only.