The UK mortgage affordability rules, also known as the Mortgage Market Review (MMR), were introduced in 2014 by the Financial Conduct Authority (FCA) to ensure that borrowers are able to afford the mortgages they take out. Under the MMR, lenders are required to conduct more thorough affordability assessments for borrowers and ensure that they can afford the mortgage payments now and in the future, taking into account factors such as interest rate rises.

The MMR rules require lenders to:

• Assess a borrower’s income and outgoings to ensure they can afford the mortgage payments, including an assessment of their ability to make payments if interest rates were to rise.
• Ensure that borrowers have a sufficient buffer of income to cover the mortgage payments in the event of unexpected changes in their circumstances, such as a loss of income.
• Provide borrowers with clear information about the costs and risks associated with the mortgage, including the total amount that will be repaid over the term of the mortgage.
• Offer borrowers the option of a “stress test” to ensure they can afford the mortgage payments if interest rates were to rise.

The MMR rules were designed to make the mortgage market more stable and prevent borrowers from taking out mortgages they cannot afford, which can lead to defaults and repossessions.

In addition to the rules outlined above, the MMR also introduced the concept of “borrowing at high income multiples” (HIM), which limits the amount that borrowers can borrow relative to their income. Under the HIM rules, lenders are not allowed to approve mortgages where the loan-to-income ratio is greater than 4.5 times the borrower’s income. This rule is intended to help prevent borrowers from taking on too much debt and ensure that they have a sufficient buffer of income to cover their mortgage payments in the event of unexpected changes in their circumstances.

Another important aspect of the MMR is the requirement for lenders to conduct a thorough assessment of a borrower’s creditworthiness, including an examination of their credit history and a review of any outstanding debts they may have. This is designed to help lenders identify borrowers who may be at a higher risk of defaulting on their mortgage and ensure that they are only approved for mortgages that they can afford.

The MMR also requires lenders to provide borrowers with clear information about the costs and risks associated with the mortgage, including the total amount that will be repaid over the term of the mortgage. This is intended to help borrowers make more informed decisions about the mortgages they take out and to ensure that they are aware of the long-term financial commitment they are making.

Overall, the UK mortgage affordability rules are designed to promote responsible lending and borrowing, and to ensure that borrowers are able to afford the mortgages they take out, both now and in the future.

There are several websites in the UK that provide information and resources for people looking to take out a mortgage. Some popular options include:

1. MoneySavingExpert.com: This website provides a wide range of information and resources on mortgages, including guides on how to find the best deals, information on different types of mortgages, and a mortgage calculator to help you estimate your monthly payments.
2. Comparethemarket.com: This website allows you to compare a wide range of mortgage deals from different lenders, including fixed-rate and variable-rate mortgages. You can also use their mortgage calculator to get an estimate of your monthly payments.
3. Zillow: This website provides a wide range of resources for buyers, sellers, and homeowners, including a mortgage calculator, mortgage rates, and information on different types of mortgages.
4. Rightmove: This website provides a wide range of resources for buyers and renters, including a mortgage calculator, mortgage rates, and information on different types of mortgages.
5. GoCompare: This website provides a mortgage comparison service, where you can compare mortgages from different lenders and use their mortgage calculator to get an estimate of your monthly payments.
6. Which.co.uk: This website provides a wide range of information and resources on mortgages, including guides on how to find the best deals, information on different types of mortgages, and a mortgage calculator to help you estimate your monthly payments.

It is important to note that these are just a few examples and it is always recommended to check multiple websites and compare the rates before taking the final decision.