Homebuyers seeking to obtain mortgages will face strict new rules from banks from today following unrest in the stock-market.

Banks that make up 12 per cent of Scotland's mortgage market are withdrawing discount offers and raising charges to consumers with credit ratings that are not perfect.

In news that may be of interest to first-time buyers, the Scotsman reports that the changes are due to impact on house prices.

Chairman of the treasury select committee John McFall told the Scotsman: "Tightening standards can only be a good thing."

Mr McFall stated that he believed that the changes have come into effect as "irresponsible lending" was taking place in the UK.

While the move may seem difficult to understand due to its potential to scare away customers, it is an attempt by banks to strengthen bond prices, according to the Scotsman.

According to recent research by the Halifax, the average price of a house in the UK is now £198,915.