The Bank of England hopes to scrap expensive and burdensome rules that make it difficult for smaller banks to offer cheap mortgages.
This has been made possible thanks to a legal overhaul that is giving companies more power to set their own agenda.
Sam Woods, head of the Prudential Regulation Authority (PRA) told the Telegraph that the proposals “will enable us to adopt a more British style of rule-making, with less fine detail in legislation and more ability for us to maintain and develop a coherent and dynamic rulebook”.
By simplifying the rules for smaller banks, it could lead to a fall in the costs that challenger banks face when issuing mortgages, thus cutting prices.
FOLLOW BELOW FOR LIVE UPDATES…