Wave, the specialist lending subsidiary of Merrill Lynch, has announced criteria changes to its product range.
Buy-to let maximum LTVs are being reduced from 90% to 85%, the maximum loan size for residential and buy-to let products is being reduced from £1m to £500,000, the maximum LTV on new build flats will reduce from 85% to 75% and the maximum LTV on new build houses is being reduced from 90% to 85%.
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.”
