Wave chops range

The lender has reduced its maximum loan to value (LTV) amounts. LTVs on its buy-to-let range have been reduced to 85 per cent and the maximum loan size has been dramatically halved from £1 million to £500,000.

LTVs for new builds have not escaped either with those on flats reduced to 75 per cent and those on houses cut down to 85 per cent.

Builders incentives will continue to be accepted, although applicants must now contribute the same amount from their own resources.

Wave is still accepting decisions in principle on current products and will continue to do so until close of business on Monday 1 October.

Where a decision in principle is received by this date the following application cut off dates will apply:

• Direct applications - close of business on Friday 5 October
• Packaged applications - close of business on Friday 12 October

Richard Spinks, director of credit & product development at Wave, said: “All specialist lenders are monitoring the market very carefully and are making adjustments to their product ranges in order to control both new business volumes and credit quality. Wave is no exception, with these changes being necessary until greater stability has been restored to the market.”