The lenders has also announced changes to its other ADV products alongside its buy-to-let and self-certification ranges, effective immediately.
Advantage's latest move has been borne out of a desire not to be seen as a lender of last resort in what are perceived to be high risk sectors.
The changes to Advantage's ADV Non-conforming range are as follows:
- ADV:600 and ADV:700 will be removed from the range
- ADV:500 maximum 75 per cent LTV and maximum number of CCJs will be 4
- ADV:400 maximum 80 per cent LTV Verified, 75 per cent LTV Self-Cert
- ADV:300 maximum 85 per cent LTV Verified, 75 per cent LTV Self-Cert
- ADV:200 maximum 85 per cent LTV Self-Cert
- Tracker rates increased by 0.35 per cent
- Two year buy-to-let tracker rates will now start at 6.39 per cent.
- Two year self-certification tracker rates will be available from 7.19 per cent.
Keith Dearling, managing director, Advantage, said: “Advantage reviews market conditions on a daily basis and in spite of current market conditions offers leading products at high LTVs and good rates. We have not moved our criteria as far as many in the market, and having reviewed the full product ranges we have left some products unaffected such as our best selling product ADV:100 and all of our fixed rate products.
"We have concentrated in the lighter adverse end of the market, where we can still offer 90 per cent Self-Certification products, alongside the Prime Self-Cert and BTL markets where we offer 90 per cent and 85 per cent LTV respectively. This is coupled with our unique Flexishare product that offers 97 per cent LTV, providing affordable financing for those wishing to purchase a home.”
