May 20, 2014 / 4:07 PM / 3 years ago

Lloyds Bank tightens lending policy to tackle London house boom

LONDON (Reuters) - Lloyds Banking Group (LLOY.L), Britain’s biggest retail bank, said on Tuesday that it was introducing tougher criteria on mortgage lending to help tackle rising prices in London’s housing market.

The bank, which is 25 percent owned by the government, said it would limit mortgages to a maximum of four times a borrower’s annual earnings when it is lending more than 500,000 pounds ($842,400) on a property.

The bank said the policy change will impact about 8 percent of its lending in London.

Reporting by Matt Scuffham; Editing by Steve Slater

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