Wave, the specialist lending arm of Merrill Lynch, will make a number of changes to its mortgage range from tomorrow, 2 October.
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...
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