Wave withdraws non-conforming products

With effect from Wednesday 7 November, the lender is withdrawing all non-conforming products apart from Almost Prime and Near Prime Plus. The main reason for this is simply that it does not see itself to be competitive in the sector anymore.

The changes to its other ranges will affect Wave's prime residential and prime buy-to-let ranges.

Richard Spinks, director of product development & credit at Wave, said: “Over the past few weeks we have made a number of tactical changes to our product range in order to control new business volumes.

"However, we feel the time is now right to restructure our product offering to play to our strengths and limit Wave’s involvement in those sectors of the market where we are no longer competitive.

"‘We have, therefore, enhanced our prime residential and buy to let products, particularly in the lower LTV bands up to a new maximum of 85 per cent."

The key features of the new range include the following:

• Reduced 2 year fixed rates starting from 6.48%
• New 2 and 3 year BBR trackers starting from 6.68%
• Addition of 3 year fixed rates starting from 6.28%
• New 80% LTV tier introduced across the range
• Reduced completion fees based on LTV bands:
• 75% LTV: £895 or 1.25% of loan value
• 80% LTV: £995 or 1.5% of loan value
• 85% LTV: £1,295 or 2% of loan value

Decisions in principle will be accepted on current products and criteria until close of business on Tuesday 6 November. 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 9 November

Packaged applications - close of business on Friday 30 November

For packaged applications where a decision in principle is not received by the deadline the application cut off will be Friday 9 November.