MBS Lending has also reduced completion fees on its near prime credit assist and credit recovery products.

Dan Atkinson, head of sales and marketing at the Melton, said: “We consistently review our proposition to ensure we’re meeting the diverse needs of our customers.

“These changes ensure we offer a balanced choice of discounted and fixed rate products at a competitive price that deliver great outcomes for our customers.”

In the lender’s near-prime category it has reduced its fixed rate product from 5.49% to 4.99% and discounted product from 4.99% to 4.49%.

It has also cut completion fees from £1395 to £995 on both these products.

In the near-prime category it will consider clients who have suffered with arrears, CCJs, defaults, IVAs or DMPs.