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According to a recent report there has been a significant drop in the range of mortgages deals that are available, with the number of deals on offer from mortgage providers falling by two thirds. The global credit crunch has seen an increasing number of lenders having to withdraw various deals and mortgages, with many facing severe difficulties when it comes to getting funding on the wholesale markets to finance their mortgage lending operations.

The difficulties in getting affordable finance have resulted in mortgage lenders really having to scale back on the amount of money that they can lend as well as on who they are prepared to lend to. Many have had to take some of their more competitive deals off the markets, and a range of different mortgage types, such as 100% and 125% mortgages, have disappeared from the shelves over recent weeks, leaving consumers with far less choice and a smaller change of being able to get finance.

Last July, which was prior to the spread of the global credit crunch, there were around 15,599 different mortgage deals on offer, but this has now fallen to just 5,725. Sun-prime mortgages and buy to let mortgages have been particularly affected by the this reduction in the different types of mortgages, and first time buyers have also suffered as a result of 100% mortgage loans disappearing and lenders demanding higher deposits.

The number of mortgage approvals has also plummeted recently, with the level of approvals down by around one third in February compared to the same period last year. There are fewer applications from buyers that are worried to take the plunge due to the possibility of plummeting house prices, and tighter lending conditions have also contributed to this drop in application approvals.