Banks and building societies have withdrawn more than 900 mortgages since the Bank of England cut the base rate to 0.1% last week.
In the last eight days, the number of available deals has fallen from 5,697 to 4,761 - a drop of 16% - with tracker mortgages the biggest casualty.
Here, Which? explains what these cuts mean for homeowners due to remortgage and first-time buyers hoping to secure a loan later this year.
Secondly, many of the withdrawn deals are for buyers with smaller deposits. This suggests lenders are shying away from 'riskier' mortgages due to uncertainty about what will happen to the during a period where few transactions are going through, as well as the logistical issues of conducting valuation surveys during a lockdown.
Finally, the decision to cut the base rate to an historic low was always likely to impact on the number of tracker mortgages - which follow the base rate plus a specific percentage. You can find out more on what's happened to trackers in .
The property market is set to grind to a halt for a while, but existing homeowners will still need to switch deals at the end of their fixed terms.
Fortunately, the best rates are still available. The number of two-year fixes has dropped by 24% in a week and the number of five-year deals has fallen by 15%, but the cheapest rates are largely the same, as shown in the chart below.
Again, it's important not to panic, as there are still plenty of cheap deal.
Mortgage offers generally last for six months so you can still apply for an and lock in a good rate now, but in the current climate, it may be best to wait it out for a while and see what happens to the market over the next few months.
In the last couple of weeks, the government has introduced a series of policies to help people with their mortgages if they'll suffer financial loss as a result of the coronavirus outbreak.
Last week, it announced that homeowners and landlords can apply for a three-month mortgage payment holiday if their income will be affected. You can find out how the payment holiday works and how to apply in .
And earlier this week it was announced that people in the process of buying a house can benefit from a three-month extension of their mortgage offer if they need to delay their completion date. You can get the full details in our guide on .
Experts from across Which? have been compiling the advice you need to stay safe and to make sure you're not left out of pocket.