Mortgages plc has suspended its entire heavy and unlimited adverse product range, as well as tightening other lending criteria it was announced today.
The move has seen maximum LTV on the medium, light adverse, super light, near prime and near prime plus ranges reduced by 5%. Rates for the super light, near prime and near prime plus full status 90% range will increase by up to 0.7%. The changes will be implemented from 26 September and all applications for current products must be submitted by close of business on 25 September. Ian Whittaker, marketing director of Mortgages plc, comments: “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 o...
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