Two thirds of sub-prime products 'vanish' in six months

Moneyfacts.co.uk says the credit crunch has virtually destroyed the sub-prime buy-to-let market and made a significant dent in the residential market. The research shows 63% of sub-prime residential and 89% of sub-prime buy-to-let deals have disappeared from the market since July. The figures represent a further 20% sub-prime residential product loss and 62% sub-prime buy-to-let deal loss since last month. Julia Harris, an analyst at Moneyfacts.co.uk, says: “Not only have providers withdrawn significant amounts of products, rates have been hiked and criteria significantly tightened. It s...