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 The increasing risk of recession and the financial difficulties that will follow are forcing mortgage lenders to rethink their lending strategies.
That is according to Savills Private Finance, which said that lenders are keen to avoid risk at all costs.
It has led to many firms withdrawing their mortgage deals as they are concerned about getting into financial difficulties themselves.
During an appearance on Channel Four's 'News at Noon', Melanie Bien from the firm suggested that things look set to get worse.
Financial Difficulty | Quick property sale solutions
"There is less money available to lend to us, lenders are looking more closely at risk and cutting back on the riskier borrowers out there," she explained.
"They have decided that lending above 100 per cent loan-to-value is increasingly risky when house prices aren't carrying on going up; in fact they are flat in a lot of areas and, indeed, falling in some," continued Ms Bien.
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