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It's not over the life of the mortgage it's at the point of purchase.
Can you afford this? Yes
Can you afford this if the rate increases by 6%? NoCould most people have bought their homes at the value they did if these rules were in place at the time? Probably not.
There seems to be significant industry fear around future claims of miss selling.
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@christianSpaceman
Does six percent seem that impossible? It seems like a plausible increase over the life of a mortgage (or at least, not an unprecedented one).