U.K. Homebuyers Find Total Home Loan Financing is Hard to Find

London–U.K. mortgage lenders have restricted credit lending further this month as the housing decline continues, according to The Financial Times.A number of lenders have reduced the maximum loan-to-value (LTV) offered over the past month; some also have ceased to lend 100 percent of the property value.Lenders such as Britannia, Egg and Pi have cut the maximum amount they will lend from 95 percent of the property value to 90 percent this month, comparison service Moneyfacts.co.uk reports. Cheltenham & Gloucester made a larger reduction, cutting the amount from 90 to 75 percent.As foreclosures increase and homeowners continue to face higher mortgage costs, lenders have become more cautious.In December, Alliance & Leicester reduced its maximum loan amount from 95 to 90 percent and small building societies–such as Cumberland, Yorkshire and Newcastle–announced they would no longer offer 100 percent financing or would only offer it to borrowers with a guarantor.