Mortgages Plc, a subsidiary of Merrill Lynch, is to make several changes to its rates and lending criteria.
The change will result in some interest rates being increased by 1%, as well as reducing the amount of money that can be borrowed.
All two-year and three-year fixed rates will see rate rises of between 0.3% and 1% and two-year discount products will have a flat discount of 0.5% in future. In addition, reversion rates are being increased by 1%.
The maximum loan amount has been lowered to £300,000 for 90% LTV product, while all other adverse products will be able to loan up to £500,000.
The changes come into effect on 16 October and all applications for current products and criteria must be submitted by the close of business on 15 October.
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