Mortgages 'are increasingly difficult to get'

Getting a mortgage is becoming increasingly problematic for house hunters, it has been suggested.

In a recent survey by the Building Societies Association (BSA), Brits were not concerned about the cost of borrowing but were worried about how easily they would be able to find a mortgage, explained a spokesperson from the organisation.

He said: "The thing that is important for borrowers now is maintaining the flow of funds into the market rather than reducing interest rates further."

Brits may also find it difficult to find a mortgage to buy a property abroad, as well as in this country.

Those who have the cash to splash on a holiday home and do not need to borrow finances may wish to use an international money transfer system to help them in their payment.

The BSA recently reported gross of lending from building societies amounted to £2,395 in December 2008, compared to £3,669 million the previous year.

It also stated mortgage approvals last December were £836 million compared to £2,980 million during the same month in 2007.