Due to the reported global credit crunch, the number of mortgage loans on the market has decreased by around 40 per cent, with more products expected to be withdrawn in coming months.
Harsher lending criteria by the majority of banks, building societies and mortgage lenders in the UK have led to a number of loans being pulled from the market, according to a report by financial information group MoneyFacts.co.uk.
The rate of products pulled is greatest in the sub-prime mortgage lending market, and the number of products available to UK sub-prime mortgage borrowers has decreased significantly. Some 54 per cent of sub-prime mortgages are off the market, with 72 per cent less buy-to-let deals are now available to borrowers with sub-prime credit histories .
A mortgage market expert at MoneyFacts, Julia Harris, was reported as saying: "In general it's the higher risk products which have been pulled, while many existing products have also seen more conservative limits applied."
For borrowers seeking a competitive deal, particularly those with any measure of adverse credit history, tightened lending criteria is a likelihood.
Mortgage market shrinking
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Mortgage market shrinking
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