Coming into effect on Wednesday 3 October, near prime and extra near prime products will be capped at 85 per cent, with an upper ceiling of 90 per cent put in place to include total fees added to the loan.
LTVs for extra light products have also been capped at 80 per cent, while select light, select mid and select unlimited products are now capped at 75 per cent – the latter being available for status and purchase only.
Offers will be valid for up to two months from Monday 1 October – with a re-review under the new product range if not completed within this time period.
Pipeline cases on the old product ranges will need to be fully progressed by close of business on Friday 5 October and offered no later than Friday 19 October.
