MPLC pulls self-cert for employed

Mortgages PLC is withdrawing its self-cert facility for employed applicants.

It is also increasing all initial mortgage rates and revert rates by 0.25%.

All changes will take effect from March 11,2008.

Applications on current rates and criteria will be accepted until close of business on March 10 2008.

Applications received after this date will be assessed on the new rates and criteria.

Polly Hughes, head of marketing at MPLC, says: “We are continuing to monitor market developments carefully.

“We have increased our pricing and withdrawn employed self-cert on residential applications to ensure we can adequately control both new business volumes and credit quality.”