Only last week we were saying that you should grab a cheap mortgage while they last…

And this is especially important as the number of mortgages available to new borrowers has sunk to its lowest figure since the start of the credit crunch!

According to Moneyfacts there are now only 3,281 mortgages available to you as a new borrower, compared with 10,726 this time last year. Compare this figure with the height of the market in July 2007, when there were 13,027 mortgages available to you. 

In addition to this news, Abbey has sad it will not pass on the emergency interest rate cut to new tracker mortgage deals and will keep the interest rate on all of its tracker mortgages for new borrowers unchanged.

10 tips to navigate the mortgage minefield

If you are an existing tracker mortgage customer then you will be unaffected as as you will automatically have the rate cut passed on to you.

Abbey has blamed wholesale costs for their position on tracker mortgages and it comes just days after after Lloyds TSB (and Cheltenham and Gloucester which it owns) said it would only give new tracker mortgages to those of you with at least a 25% deposit. Prior to this you only needed a 10% deposit.  

These moves will probably disappoint many of you keen to see the cost of mortgages drop after the Bank of England's surprise interest rate cut. 

Ten lenders including Halifax, Lloyds TSB, the Woolwich, First Direct, Royal Bank of Scotland and NatWest all said they were reducing their SVR shortly after the cut.

Relatively few of you with mortgages have your repayments based on the SVR but some of you will end up on the SVR when your cheaper fixed rate mortgage runs out.

Grab a cheap mortgage while they last

Buy to let mortgage options disappearing