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Getting a mortgage `will be tough` until 2014

Low consumer demand and mortgage providers` lack of funds are `hindering the mortgage market`, an article in the Guardian has reported.

Analyst Datamonitor has said that many UK consumers will find it hard to secure a mortgage this year, and may even have to wait until 2014 for the process to become easier.

It said that while the mortgage market isn`t expected to fall further this year, only a small growth in gross mortgage lending is predicted (rising from £136bn last year to £138bn this year).

Consumer demand is thought to have remained at low levels because people are delaying buying a home in such an `uncertain financial climate`. Others are finding it hard to save a large enough deposit, while low interest rates are `reducing people`s appetite to remortgage`.

A spokesperson at the IVA Advisory Centre said: "So many people dream of being homeowners, but it`s important to remember that a mortgage is a big financial commitment, and failing to repay the debt could lead to serious consequences, including repossession. As with any financial commitment, it`s vital to think it through very carefully first."