Lloyds TSB has become the biggest lender to refuse mortgages to buyers who do not have a 10 per cent deposit. The Times

From today, Cheltenham & Gloucester, which is part of the group, will no longer offer more than 90% of the value of a property. Experts fear that other lenders will do the same, making it impossible for most first-time buyers to get on the ladder.

Lloyds TSB said that it would offer deals to those who had saved 5% deposits through its own bank branches but that these offers would not be available at Cheltenham & Gloucester branches or via brokers.