The lender has raised procuration fees to 1% on every deal and cut lender’s fees on lower LTV deals. Other changes include a 1st charge rate of 1.25% on residential securities, a lender’s fee of 0.5% on 1st charge residential loans with an LTV below 50% and 2nd charge rates cut to 1.65%.

Gavin Diamond, finance director at Cheval, said: “We are very pleased to present a very competitive overall proposition which is indicative of our strong appetite to lend.”

Gareth Lewis, Cheval’s national sales manager, said: “Our product range continues to be attractive, transparent and easily understood, with no application or administration fees, and will be further boosted by new products to be announced before the end of the month.”