Mortgages Plc has announced it will be withdrawing all adverse buy-to-let products as well as changing maximum loan amounts for some of its riskier products.
The announcement follows Mortgages Plc’s withdrawal of all heavy and unlimited adverse products.
Maximum LTV for all self-cert products have been reduced from 85% to 75%, while LTVs for properties built within the past year have been cut significantly from 90% to 75%.
The changes will be implemented on 2 October and any applications for current products and criteria must be submitted by the end of 5 October.
Explaining the reason for the changes, Ian Whittaker, marketing director of Mortgage Plc, says: “We are continuing to monitor the market on a daily basis and make necessary adjustments to our product range in order to control new business volumes.”
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