The Bank of England (BoE) have warned that in future getting a mortgage might be tougher than you think.

The BoE stated that tightened qualifications, set by a wide range of lenders, could see the credit rating of expectant borrowers fall beneath the banks’ accepted level for mortgages.

The Credit Conditions Survey, published quarterly, found that UK mortgage lending has shown signs of improvement in early 2012 but residential property buyers face a tough three months until summer.

 Most lenders expect the upward pressure on mortgage interest rates to be maintained and anticipate reducing the availability of mortgages in the next three months.

With little prospect of a material loosening in credit conditions on the cards, and housing market demand likely to remain weak, the downwards pressure on house prices is set to be maintained this year. 

Would be mortgage borrowers need to be prepared for the stricter criteria being demanded by mainstream lenders, meaning more difficulty in securing a mortgage.

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