Wave tightens lending criteria

The firm is the latest specialist lender to tighten its lending criteria following the start of problems in world credit markets. Wave is to reduce LTV on all buy-to-let products from 90% to 85%, has reduced LTV from 85% to 75% on new build flats and from 90% to 85% on new build houses. The maximum amount Wave can lend is to be reduced from £1m to £500,000 across all residential and buy-to-let products. Richard Spinks, director of credit & product development at Wave, explains: “All specialist lenders are monitoring the market very carefully and are making adjustments to their product ra...