Details will be released shortly, with the revised range effective from Friday 28 September.
According to GEMHL, these changes are intended to position the company for long-term stability and growth.
The move reflects what the business considers to be prudent lending and more accurate pricing of risk in certain customer segments in the current climate – GEMHL believes communication is paramount in the current market.
The revision of the ranges is also designed to manage GEMHL’s business levels and illustrate a commitment to delivering a high standard of service during these unpredictable times.
The lender will actively monitor incoming business levels and service provision, in efforts to ensure existing customers do not see any deterioration in their service.
The changes come as GEMHL’s research shows almost half of UK brokers believe criteria and prudent risk management by lenders is crucial to ‘riding the storm’. Indeed, 35 per cent of brokers demand action from lenders during turbulent times.
Duncan Berry, director of mortgages at GE Money Home Lending said: “Over the last few months we have been carefully monitoring trends in the UK housing market, as well as the cost of funds and the ongoing pressures in the global capital markets. As a prudent lender we have always taken the necessary steps to ensure we are lending responsibly and to the right individuals at the right time.
“Today’s changes are designed to strike a balance between our desire to manage our future risk exposure and our commitment to continue offering viable products and services to our clients and customers.”
