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Lenders tighten up on non-conforming loans

Non-conforming lenders have continued to tighten their criteria as the three-month Libor rate hit a nine-year high of 6.88 per cent last week.

Kensington has reduced the maximum loan to value from 90 to 85 per cent for medium-adverse products, 85 to 80 per cent for heavy adverse and 85 to 75 per cent for high adverse.

It has also increased fixed rates by 0.5 per cent on all near-prime, near-prime max and very low 90 per cent LTV products but says there will be no changes to its near-prime products below 90 per cent LTV.

All medium, heavy and high products will increase by 0.5 per cent although rates will rise by as much as 1.5 per cent on medium products with 85 per cent LTVs and heavy 80 per cent LTV products.

Kensington says: “We will continue to review our pricing and criteria and are committed to communicating any changes at the first opportunity to ensure that our actions remain transparent and easy to understand.”

Money Partners will be changing criteria on its medium to heavy adverse range from September 14. It is reducing the maximum LTV for first-time buyers on its lite medium-adverse product from 95 to 85 per cent. The maximum LTV for buy to let has been reduced from 90 to 80 per cent.


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