Light adverse products from the Merrill Lynch subsidiary will be available up to 80 per cent, while LTVs will be a slightly higher 85 per cent across the rest of the lender's product offering.
Applications at the current LTVs must be received by Friday 14 December, with changes taking effect from Monday 17 December.
Ian Whittaker, marketing director at Mortgages plc, said: “We will continue to make adjustments to our product range to ensure we do not fall out of line with the rest of the market and leave ourselves exposed to unnecessary risks. This will continue to be the case until confidence is restored once again in the markets.”
