The Woolwich has become the latest lender to lower its loan ratios for new borrowers and is now demanding a deposit of at least 10%.
The lender says it is prudent to implement a maximum LTV of 90% due to rapidly changing market conditions and all loans above 90% will be withdrawn from today.
The move means three products asking for a 5% deposit, a lifetime tracker, five-year fixed rate and SVR loans, will be withdrawn.
The move follows similar decisions by Nationwide, which lowered LTV’s to 90% on all but two of its products, and Co-op Bank, Cheltenham & Gloucester and Alliance & Leicester, among others.
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