Nationwide's mortgage cut-back adds fuel to fears of market slump

UK building society Nationwide has announced it is cutting its maximum loan-to-value (LTV) on all but two of its mortgage products from 95% to 90%.

The move, which has surprised many market participants, came only a few months after the mortgage lender - the second largest in the UK - had embarked on a campaign to promote its mortgages as a best buy for first-time buyers in February.

"Nationwide's LTV cut was surprising," admitted Ray Boulger, senior technical manager at UK mortgage adviser John C

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