MPLC withdraws all fixed rate deals

Mortgages PLC has withdrawn all fixed rate products in a bid to control new business volumes.

The lender, a subsidiary of Merrill Lynch, is also slashing its maximum LTVs on all products to 70% and cutting the maximum loan size to £300,000.

It is pulling all self-cert and right-to-buy criteria and raising rates on all remaining products by 1%.

Applications submitted on existing terms will be accepted until close of business on April 7. All new applications thereafter will only be accepted on the new products and criteria.

Polly Hughes, head of marketing at Mortgages PLC, says: “In common with a number of other lenders, we have recently experienced a rapid increase in new business enquiries.

“We therefore have no option but to adjust our criteria and pricing to keep control over business levels.”