Mortgages Plc has suspended all of its heavy and unlimited adverse products in its latest criteria change.
It has also announced that it will be reducing maximum loan to value on its medium adverse range from 85 per cent to 80 per cent. Its light adverse range maximum LTV will decrease to 85 per cent from 90 per cent, whilst its super light, near prime and near prime plus self cert ranges will see a reduction in LTV from 90 per cent to 85 per cent.
In its super light, near prime and near prime plus full status 90 per cent range, Mortgages Plc says it will increase rates between 0.6 to 0.7 per cent.
The above changes will be implemented with effect from September 26 and all applications on current products must be submitted by close of business on September 25.
Marketing director Ian Whittaker says: “We are continuously monitoring our competitors to ensure Mortgages plc does not become isolated in any specific sectors of the adverse credit market. We have taken note of recent changes announced by other sub-prime lenders and have had to respond accordingly, in order to maintain the quality of our business.”