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Mortgages Plc to withdraw adverse buy-to-let products

Merril Lynch subsidiary Mortgages plc has announced it will be pulling all of its adverse buy-to-let products from October 2.

The lender, which has made numerous criteria changes over the last two months, recently announced it was suspending all heavy and unlimited adverse business.

Mortgages plc has also reduced maximum LTVs on self cert products from 85 per cent to 75 per cent.

Maximum LTVs on new build properties (any property built in the last year) are being reduced from 90 per cent to 75 per cent.

Marketing director Ian Whittaker says: “We are continuing to monitor the market on a daily basis and make necessary adjustments to our product range in order to control new business volumes.”

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