The specialist subsidiary of Merrill Lynch is to offer fixed rates and trackers with reduced completion fees. Two-year fixed rates are offered from 6.48 per cent, with three-year terms offered from 6.28 per cent.
Two and three-year trackers have been introduced with rates starting from 6.68 per cent, while a cap of 80 per cent loan-to-value (LTV) has been introduced across the range.
Meanwhile completion fees have been reduced to £895 or 1.25 per cent of the loan for 75 per cent LTV, £995 or 1.5 per cent of loan for 80 per cent LTV, and £1,295 or 2 per cent for 85 per cent LTV.
Richard Spinks, director of product development and credit at Wave, said: “Over the past few weeks we have made a number of tactical changes to our range in order to control new business volumes. However, we feel the time is now right to restructure our offering to play to our strengths and limit our involvement in sectors of the market where we are no longer competitive.
“We have, therefore, enhanced our prime residential and BTL products, particularly in the lower LTV bands up to a new maximum of 85 per cent. We have also decided to withdraw most of our non-conforming products which we acknowledge were no longer competitive in their sector.”
Andy Pratt, chief operating officer at Alexander Hall, said: “We’re starting to deal with Wave and it is having to find its way to get a balance. The lender is trying to diversify so it is quite promising.”
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