{
  "url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2016/article-3",
  "json_url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2016/article-3.json",
  "legislation": "ukdsi/2016/9780111151372",
  "legislation_title": "The Bank of England Act 1998 (Macro-prudential Measures) Order 2016",
  "legislation_url": "https://openlegislation.uk/draft-bank-of-england-act-1998-macro-prudential-measures-order-2016",
  "path": "article/3",
  "kind": "article",
  "number": "3",
  "heading": "Macro-prudential measures",
  "text": "(1) The measures in paragraphs (2) and (3) are prescribed in relation to the FCA and PRA.\n(2) Where the Financial Policy Committee considers it proportionate on the basis of a cost-benefit analysis, a measure to require relevant regulated persons to ensure that, in relation to relevant buy-to-let mortgage contracts which are entered into after the date of the direction, no more than a specified proportion have a loan-to-value percentage greater than a specified maximum loan-to-value percentage.\n(3) Where the Financial Policy Committee considers it proportionate on the basis of a cost-benefit analysis, a measure to require relevant regulated persons to ensure that, in relation to relevant buy-to-let mortgage contracts which are entered into after the date of the direction, no more than a specified proportion have an interest coverage ratio less than a specified minimum interest coverage ratio.\n(4) In paragraphs (2) and (3), “specified” means specified by the Financial Policy Committee in a direction given under section 9H of the 1998 Act.\n(5) In paragraphs (2) and (3), references to “interest coverage ratio” and “loan-to-value percentage” are references to those matters as calculated by a lender when deciding whether to provide credit to a borrower.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukdsi/2016/9780111151372/article/3",
    "retrieved_at": "2026-10-30T15:07:30.614031+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}