Concern over mortgage lending cap

%VIRTUAL-SkimlinksPromo%Policymakers at the Bank of England were concerned that its plans to impose a new cap on mortgage lending at four and a half times a borrower's income might give the impression that it "endorsed" borrowing at this high level, minutes have shown.

Last week, the Bank's Financial Policy Committee (FPC), which oversees stability, moved to put curbs on riskier mortgage lending by announcing that loans of 4.5 times a borrower's income or higher should account for no more than 15% of new mortgages issued by lenders.