Wave has announced a number of criteria changes including reducing buy-to-let maximum loan to values from 90 per cent to 85 per cent.
New build maximum LTVs on new build flats is being reduced from 85 per cent to 75 per cent. The maximum LTV on new build houses is being reduced from 90 per cent to 85 per cent.
The maximum loan size for residential and buy to let products is being reduced from £1million to £500k.
The changes will be effective from October 2. Decisions in principle will be accepted on current products and criteria until close of business on October 1.
Director of credit andproduct development Richard Spinks says: “All specialist lenders are monitoring the market very carefully and are making adjustments to their product ranges in order to control both new business volumes and credit quality. Wave is no exception, with these changes being necessary until greater stability has been restored to the market.”