The Mortgage Works (TMW) has withdrawn from the 100% LTV market as growing numbers of lenders scale back their operations.
In an e-mail sent to brokers today, the firm says: "We have recently been experiencing unprecedented demand for our products. However, as a prudent institution we have to control the volume of business we are writing at any given time, and therefore we have taken the decision to discriminate further in favour of lower risk business.”
The lender has also announced it will cap self-cert and buy-to-let loans at 75% LTV and will no longer accept self-cert applications from first time buyers.
DIPs for current products must be submitted by 2pm today, while applications must be completed by 8pm.
The changes will take effect from 21 March.
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