Key features include:
- Reduced fixed and discounted rates – One- and two-year discounts have been reduced by up to 0.60% and now start from 4.70%. Two- and three-year fixed rates have been reduced by up to 0.40% and start from 5.32%.
- Maximum loan sizes have increased to £1 million for self-cert applications up to 75% loan-to-value (LTV) for both employed and self-employed borrowers.
- Full status & self-cert – maximum loan sizes have increased to £400,000 for loans up to 90% LTV.
- Valuations – no longer need to be countersigned by a second valuer for properties up to £500,000.
- Acceptable flats – Flats up to 8 stories high are now accepted as standard. This excludes Local Authority and Ex Local Authority Flats.
Mortgages plc sales director Pete Thomson said: “Ever since our acquisition by Merrill Lynch, we have made it very clear that our intention is to remain one of the most competitive lenders in our sector. Lenders have been moving their rates recently and not always as predicted. We have responded by reducing our rates and enhancing our criteria”.
“We remain committed to our pledge to offer intermediaries and their clients a choice of the best value products in the market, supported by an excellent service. We have ambitious plans for further growth this year and this move is further evidence of our commitment to stay at the forefront of the market.”
