Due to the continuing volatility in global capital markets, please be advised that MPLC and Spectrum have announced a number of additional changes to their lending criteria and rates from those announced at the start of week commencing 27th August.

New Criteria Changes from 3rd September 2007
• Maximum of 90% LTV across all products
• Self cert employed individuals will be limited to 85% LTV. Fees can be added above this limit. Self cert self   employed individuals will still be allowed at 90% LTV
• New Build Properties will be limited to 85% LTV. Fees can be added above this limit
• Heavy adverse criteria will change to allow 1 missed payment within the last 3 months
• Pending repossessions or applicants repossessed in last 12 months are no longer allowed
• Please be aware that we will conduct a full credit search on all applications.

Criteria changes announced w/c 27th August:
• Maximum LTV on our Unlimited range has reduced from 80% to 75%
• Maximum LTV on our Heavy range has reduced from 85% to 80%
• Non-Conforming BTL is only available on our Near Prime Plus, Near Prime, Super Light and Light products. It’s no longer offered on our Medium, Heavy and Unlimited products
• Borrowers in arrears with a non-conforming lender (on a non-conforming product) will only be accepted on Near Prime and Super Light products.

Products
• All 12 Month Discount products will be removed
• 1 Year Credit Repair and 1 Year Credit Repair IVA products will be removed
• New rates will be announced on Prime BTL, Non-Conforming 2 Year Discounts and selected revert rates.

Deadlines
All changes take effect from Monday 3 September 2007.

Applications on the old criteria and rates can be accepted until Wednesday 5 September 2007. This applies to all changes including those that previously had 14 September 2007 cut off date. All applications received after Wednesday 5 September will be assessed on the new criteria and rates.

If you would like more information, please contact your business development manager correctly or call our internal sales team on 08456 444 222 and select option 4.