Mortgage lenders have further tightened criteria this month as fears of a sharper housing slowdown have led them to take a more cautious stance with borrowers. Financial Times
A number of lenders have reduced the maximum loan-to-value they will offer borrowers over the past month. Some have also stopped lending 100% of the property value or imposed restrictions when lending this amount.
So far this month lenders including Britannia, Egg and Pi have reduced the maximum they will lend from 95% of a property’s value to 90%, according to Moneyfacts.co.uk, the comparison service.