GMAC-RFC has communicated to its packaging partners that it will be capping loan to value at 75 per cent on its self-cert and new build products.
Packagers have been emailed details about the criteria changes ahead of the new criteria being implemented this Friday,
Corporate relations manager Julie Gaskin says it will not changing rates.
The capping of maximum LTV at 75 per cent for new builds will include buy to let, mainstream and non-conforming products. GMAC-RFC says that new build properties are defined as a property built within two years prior to the current year.
The changes will affect both its self-cert and non-conforming self-cert range.