Who could reasonably object to mortgage lenders stress-testing their potential customers' ability to withstand an interest-rate hike ? The amazing thing is that this wasn't required back in 2008, after the last bubble burst.
The answer, of course, might be "the Coalition", who seem to have fallen back on a housing boom to boost their chances in 2015. Because it seems to me there is a good chance that almost any tightening of the current set-up will bring mortgage lending to a near-standstill.
A younger family member has recently (and sucessfully) been through the 'old' system - but only just, and a chaotic process it was, too. Objectively speaking, the 'complexities' in her case were minor, but the bank's in-house 'mortgage adviser' was deeply unprofessional and betrayed a striking ignorance of the bank's own rules. (And it wasn't some kid-out-of-college either: he claimed years of experience.)
Stew in the kind of additional hurdles being introduced, and it looks like a very messy few months ahead. At very least, the approval process will stretch out significantly: but of course it is nigh-on guaranteed to result in fewer and lower mortgage offers, too. Cash buyers will correspondingly benefit; but the bubble could be peaking in summer 2014 rather than summer 2015. Which isn't quite what 'Genius' Osborne has in mind.