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Mortgages Plc hikes rates by as much as 1 per cent and tightens criteria

Mortgages Plc has announced even further criteria and rate changes to its sub-prime range.

The lender says that all revert rates will increase by 1 per cent, all two and three year fixed rates will increase by between 0.3 and 1 per cent and all two year discount products will have a flat discount amount of 0.50 per cent.

These changes apply to our non-conforming and right to buy products. Prime buy to let remains unchanged.

Maximum loan size on its 90 per cent LTV prime BTL and non-conforming products will reduce to £300,000. Maximum loan size on all other Non-Conforming products will reduce to £500,000, whilst maximum loan size on its right to buy and other prime BTL products remains unchanged.
 
All changes take effect from October 16. 
 
Mortgages Plc says that applications on current rates and loan size amounts can be accepted until close of business on October 15. 
 
DIPs and applications received after this date will be assessed on the new rates and loan size amounts.
 
Mortgages Plc has also reviewed its list of non-conforming lenders. It says if applicants are with any of its list of lenders and are in arrears, they can only be considered for its Near Prime Plus, Near Prime and Super Light products. If the applicant has no arrears, they can be considered for any product.
 

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