Bank of Scotland (BoS) and BM Solutions have pulled their entire range of new business self-certification products.
BM Solutions will also no longer offer near-prime lending. In addition, the loan-to-value for mainstream new build properties will be reduced from 90% to 80%, whilst the LTV for new build buy-to-let properties will be reduced from 75% to 65% in Halifax, BoS, BM and Intelligent Finance. Nigel Stockton, managing director of intermediary business within the Lloyds Banking Group, said: "Over the last 12 months, there has been a real reduction in the number of active players in the specialist sector. "We have no option than to respond to ensure we continue to lend in a prudent and proport...
To continue reading this article...
Join Professional Adviser
- Unlimited access to real-time news, industry insights and market intelligence.
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters.
- Make smart business decisions with the latest developments in regulation, investing retirement and protection.
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes.