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Mortgages PLC announces further lending criteria changes

Mortgages PLC has made further changes to its criteria after announcing initial changes earlier this week.

In an email to brokers it says that due to continuing volatility in global capital markets, it has to make a number of additional changes to its lending criteria and rates.

The lender will now only accept a maximum of 90 per cent LTV across all products with self cert employed individuals limited to 85 per cent. It says that self cert self-employed individuals will still be allowed at 90 per cent LTV.

New build properties will be limited to 85 per cent LTV but fees can be added above this limit.

Heavy adverse criteria will change to allow 1 missed payment within the last 3 months. Pending repossessions or applicants repossessed in last 12 months are no longer allowed.

It also points out to brokers that it will conduct a full credit search on all applications.

These changes are in addition to those announced earlier this week which saw maximum LTV on its unlimited range decline from 80 per cent to 75 per cent.

Maximum LTV on its heavy range was reduced from 85 per cent to 80 per cent.

Mortgages PLC also announced that non-conforming BTL is only available on its Near Prime Plus, Near Prime, Super Light and Light products. It is no longer offered on its Medium, Heavy and Unlimited products.

Borrowers in arrears with a non-conforming lender will only be accepted on Near Prime and Super Light products.

All changes take effect from September 3.


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