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

Market commentators "surprised" as lenders look to cut back on risky mortgage offerings

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

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