As we all have seen, heard and felt (just look at your wallet) the credit crunch hit hard and fast in the US and has forced a 0% interest rate in an attempt to stop a recession, in England Northern rock was bought out by England itself and increased all citizens liabilities. It doesn’t stop there, finally banks have caught on to the fact that you can’t just give out money left right and centre to earn on the interest rates the people are struggling to pay.Financial information service Moneyfacts said a string of lenders had tightened up their criteria over the last two days. One of the biggest changes is a higher deposit by Co-op changing its maximum loan-to-value ratio from 95% to 90% in recent days. Other companies such as Halifax are following in the trend and it looks like they all will eventually.

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