The lending freeze could last for another couple of years, home owners have been warned as one of the UK’s top mortgage lenders slashed its product range.

The Sunday Times has reported that Halifax has reduced the sum it was prepared to give out on two-year deals, a very common loan for mortgages and remortgages, from 90% of the value of the property to just 75%. Interest rates payable by remortgagers were further raised by 0.3 percentage points, which means the addition of £600 to the price of a £200,000 loan.

Customers faced with less choice can still search for the best remortgage quotes on their property.

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