Credit crunch prompts 40% cut in mortgage ranges

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The number of mortgage products available has shrunk by 40% since the beginning of the credit crunch, according to eMoneyfacts.co.uk.

Since July, both prime and sub-prime mortgage ranges have shrunk in size or disappeared altogether, with the sub-prime sector particularly badly affected. A total of 6,411 products have been withdrawn in the past three months, according to eMoneyfacts.co.uk, and the sub-prime buy-to-let sector has been hit particularly badly. There are now 72% less sub-prime buy-to-let products available, while the range of sub-prime residential products has dropped by 54%, a loss of 4,371 products. As well as seeing most high risk sub-prime products withdrawn, the market has also had very tight lending ...

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