Troubled BoS exits self-cert market

Bank of Scotland (BoS) and BM Solutions have pulled their entire range of new business self-certification products.

BM Solutions will also no longer offer near-prime lending.

In addition, the loan-to-value for mainstream new build properties will be reduced from 90% to 80%, whilst the LTV for new build buy-to-let properties will be reduced from 75% to 65% in Halifax, BoS, BM and Intelligent Finance.

Nigel Stockton, managing director of intermediary business within the Lloyds Banking Group, said: "Over the last 12 months, there has been a real reduction in the number of active players in the specialist sector.

"We have no option than to respond to ensure we continue to lend in a prudent and proportionate manner."