The lender has also reduced maximum loan to value (LTV) amounts down to 75 per cent on self-cert products. Maximum LTVs on new build properties have also been dramatically reduced from 90 per cent to 75 per cent.
All changes will come into effect on Tuesday 2 October, with applications on current products and criteria needing to be submitted by close of business on Friday 5 October.
Ian Whittaker, marketing director of Mortgages plc, said: “We are continuing to monitor the market on a daily basis and make necessary adjustments to our product range in order to control new business volumes.”
