The latest figures released by the Bank of England this morning have shown that mortgage approvals for house purchases fell by a fifth to 56,200 during March, levels not seen since 2013.
Some big lenders have begun reopening their doors to British borrowers, making it easier to get a home loan.
Banks have cut half of their mortgage products in just over three weeks in the biggest cull since the last financial crisis.
There were 5,239 products available before the Bank of England made this year's first base rate cut from 0.75 per cent to 0.25 per cent on March 11. Now there are 2,768, according to Moneyfacts.
Have you been thinking about getting a mortgage? You're going to need to think again as lenders are scrapping their home loan deals.
Banks have been criticised by firms and MPs for insisting on personal guarantees to issue government-backed emergency loans to business owners.
Lender flooded with requests for payment holidays while valuers unable to inspect properties due to coronavirus
The Bank of England has cut the interest rate to 0.1% and injected £200m into the economy through bond purchases.
Banks and building societies also warned off charging fees for mortgage holidays as customers spend hours trying to contact lenders
Niche Advice director Payam Azadi is concerned that the economic shock caused by coronavirus could force some lenders out of the market.
The Bank of England has announced an emergency cut in interest rates to shore up the economy amid the coronavirus outbreak.
RBS is giving customers hit by Coronavirus a three-month mortgage-payment holiday, with other lenders likely to follow.
2019 saw the first fall in annual gross mortgage lending since 2010, the UK Finance Household Finance Review (Q4 2019) has revealed.
Bank of England leaves interest rates on hold amid property upturn
Sainsbury's Bank is under pressure to guarantee that its mortgage customers won't be sold to a 'vulture fund' or private equity firm.
It's now easier to get a mortgage on a zero hours contract as HSBC becomes the latest lender to relax the rules for those not in full-time work
Lloyds Banking Group today splashed out £3.8 billion on Tesco Bank’s mortgage book in a big bet on the UK economy holding up in the face of Brexit.
Negativity abounds in certain areas of the lettings market as the tenant fee ban comes into force in a few days time, but lenders in the Buy to Let mortgage arena either haven’t heard about the ban or they don’t think it will affect their customers.
Regulation chief says stricter rules could be imposed as price war threatens stability
Supermarket giant and consumer body say existing customers will not be affected for the time being
Opt in here