Following the exodus of lenders from the 125 per cent mortgage market last week, RBS Intermediary Partners and Bradford & Bingley have reacted by lowering their LTV ceilings.
Bradford & Bingley removed all of its mortgages between 100 and 110 per cent LTV, directly blaming the exit of 125 per cent mortgages from the market.
However, the lender insisted that there was a legitimate need for high LTV products to remain in the market for clients who needed them.
Tim Anson, head of residential lending at Mortgage Express, commented: “This decision has been taken in light of current market conditions and the need to be prudent following changes in the market.
"We wanted to ensure we were not isolated in operating in this sector. We will work to maintain a high LTV offering for our existing high LTV customers.”
As well as culling its 100 per cent range, RBS Intermediary Partners also reduced the offsetting facility on its One Account, from 99 per cent to 95 per cent.
An RBS Intermediary Partners spokesperson commented: “We regularly review our mortgage range against the market and in the light of recent competitor moves, we are withdrawing our mortgages with a LTV greater than 95 per cent.
"We continue to offer a wide variety of competitive mortgages to both new and existing customers and, as always, we will continue to monitor the market going forward.”
Elsewhere, Woolwich has announced it has scaled down its upper LTV limit to 75 per cent on its buy-to-let range ahead of a range refresh.
The lender has also scrapped its £75 repeat business discount on buy-to-let applications, with the full application fee applicable on new business.
