Any borrower now taking out a mortgage at 90 per cent LTV will only be able to borrow up to £300,000 - including prime buy to let. All other adverse products are available up to £500,000.
Mortgages plc has also increased all two and three year fixed rates by between 0.3 per cent and 1 per cent, increased reversion rates by 1 per cent and introduced a flat discount of 0.50 per cent for its two-year discounts.
The above changes will be implemented with effect from Tuesday 16 October and all applications on current products and criteria must be submitted by close of business on Monday 15 October.
