Britain's biggest mortgage lender has said that from today, people applying to take out a mortgage worth more than £500,000 will see the amount they are allowed to borrow limited to four times their income.
ITV News Business Editor Joel Hills reports:
Lloyds says new limits will impact 2% of total mortgage lending. Bank wrote £37bn of new home loans in 2013.
Governor of the @bankofengland doesn't see a housing bubble but Lloyds Banking Group does, in London at least.
Lloyds Banking Group said it has been designed in a bid to tackle the pressure of housing inflation in the London market.