Mortgages plc keeps it simple

The new mortgages are broken down into five sections; light, medium, heavy adverse, right to buy, and buy to let.

The discounted rates are available from 5 per cent at 75 per cent loan-to-value (LTV), and are available up to 95 pe cent LTV.

Peter Beaumont, sales and marketing director at Mortgages plc, said: "The non-conforming market is no longer just about being able to offer a mortgage to borrowers who can’t get one elsewhere. The dynamic has now, quite rightly, shifted to borrowers looking for the best deal. Lenders should be offering products that will appeal to particular non conforming borrower profiles. The market has become fragmented and niche areas have developed, such as light adverse. In simple terms, ours is a maturing and increasingly complex market.

"Mortgages plc has reflected these changes in its new product range. Our objective is to make our product offering as simple as possible and take the complexity out of non conforming lending. For example, we have standard redemption terms, and our criteria and requirements are consistent across all of our products. With Mortgages plc, introducers are able to find a mortgage for any non conforming borrower quickly and effectively."