The number of mortgage products available to British borrowers has fallen by 40 per cent over the past three months, as lenders have tightened their criteria and withdrawn large numbers of riskier home-loan deals due to the global credit crisis.
Sub-prime mortgages, advances made to those with poor credit ratings, have been the most commonly withdrawn products, Moneyfacts, the personal finance analyst said. It revealed 54 per cent of regular sub-prime home loans have been pulled since July, with 72 per cent of sub-prime buy-to let loans not available since the credit crunch.