Mortgages plc has announced it is withdrawing all of its fixed rate products in a move designed to control new business volumes.
The company is also reducing its maximum LTVs on all products to 70 per cent and reducing the maximum loan size to £300K.
It is also withdrawing all self-cert and right to buy criteria and raising rates on all remaining products by 1 per cent.
Applications submitted on existing terms will be accepted until close of business on 7th April 2008. Thereafter all new applications will only be accepted on the new products and criteria.
Head of marketing Polly Hughes adds: “In common with a number of other lenders, we have recently experienced a rapid increase in new business enquiries. We therefore have no option but to adjust our criteria and pricing to keep control over business levels.”