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Lloyds lending limits 'won't affect majority'

New mortgage lending limits planned by Lloyds Banking Group will not affect "the majority" of people, according to a leading mortgage expert.

Lloyds will cap mortgage lending to four times income for loans worth more than £500,000, to address "inflationary pressures" in the London housing market.

The new cap will not apply to customers renewing their mortgages.

Paul Broadhead, Head of Mortgage Policy at the Building Societies Association, told BBC Radio 5 live's Wake Up to Money the move would "not make any difference" to people earning less than £125,000 per year.

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