The lender will now offer 100 per cent loan-to-value (LTV) remortgage products on its standard near-prime range, and has confirmed it is to increase its near-prime self-cert LTV to 95 per cent.
It has also enhanced the criteria on its buy-to-let range, allowing up to 90 per cent LTV.
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Bob Sturges, director of communications at Money Partners, said: “Taken overall, this will move us into a much more competitive position in the market. Most of this is already done in parts by some of our competitors but I’m sure intermediaries will appreciate it all being under one roof from a single lender and like what we are offering.”
Money Partners also announced changes to its debt-to-income ratio across its range, allowing a ratio of 50 per cent instead of the previous 40 per cent.
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David Mead, managing director of Flexible-mortgage.net, admitted he was concerned with some of the lender’s moves.
“A number of lenders are doing 90 per cent on buy-to-let but at that level, you do have worries about the rental income. Also, with 95 per cent on near-prime self-cert, if you have had problems in the past and have to self-certify your income, then you have to ask about the safety of that lending decision. I’d also be worried about advising on 100 per cent near-prime because if the market dips, it is more likely the client could get into difficulties and default.”
