Those lenders who have dropped LTVs have done so on either all or part of their range.
Alliance & Leicester has dropped LTVs by 5 per cent to a new maximum of 90 per cent, whilst Manchester Building Society has dropped its maximums back to 80 per cent on short-term products.
Cumberland Building Society and Yorkshire Building Society no longer offer 100 per cent mortgages, with the latter reducing LTVs back to 75 per cent on some products. Newcastle Building Society's 100 per cent option is only available with guarantor mortgages.
Scottish Widows Bank has introduced a new 10-year fix, but reduced LTVs on flexible products down to 90 per cent and 95 per cent on all graduate and key worker products.
In additon, changes coming into effect in January are as follows; C&G have slashed LTVs down to 75 per cent on 'caseflow' poducts, with Egg, Pi and Barnsley and Britannia Building Societies to reduce LTVs on all products to 90 per cent.
Just 22 lenders now offer 100 per cent products, with some lenders restricting those they do offer to lower risk.
David Knight, Moneyfacts.co.uk's mortgage analyst said: “It is not hard to understand why this pattern has emerged, but it is not welcome news for those consumers with only a small amount of equity.
“This more cautious approach shows that lenders have a real concern over the future of the UK housing market. Perhaps it is a sign that the ‘live now pay later’ culture that we saw take over in 2007 may gradually be coming to an end."
