Mortgage lenders returning to the market after initially pulling out
Some of the mortgage lenders that initially pulled out of the market or reduced the number of products they offered have made some positive changes.
TSB has returned to the market after initially withdrawing and the bank now has a range of residential and buy-to-let mortgages.
Halifax initially capped lending at 60% loan-to-value and recently increased it to 80% loan-to-value, while Barclays and Skipton are offering 75% loan-to-value deals.
Nationwide brought back tracker mortgages at 95 loan-to-value for existing customers and started offering interest-only remortgages for the first time since 2012.
Aaron Strutt, product director at Trinity Financial, says: "The banks and building societies have pulled thousands of mortgage rates over the last few weeks and made some drastic criteria changes. There are still lots of mortgages available but there is not a huge choice if you have a smaller deposit.
"The lenders needed some time to adapt to the market conditions and work out how to continue trading without staff in their offices or valuers telling them how much properties are worth. They have a difficult balancing act of providing the best mortgages they can while still being risk-averse."
According to research from Moneyfacts.co.uk there are 2,768 mortgage products. This does not include rates through private banks or many of the niche building societies.
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