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The recent events in the global credit market will make it increasingly difficult for those on lower incomes to gain mortgages, an expert has said.

A spokesperson for the money education charity Credit Action has warned there is "no doubt" the "less well off" will find it harder to borrow money generally.

She expressed concern borrowers would have to turn to more expensive lenders and pay higher rates of interest.

The spokesperson added many would turn to "door step lenders", where the agents go to people’s homes to collect repayments, but she added these were expensive.

One of the major providers of home collected credit is Provident Personal Credit and their website lists typical annual percentage rate on one loan as 183.2 per cent.

Credit Action warns Britain’s personal debt increases by £1 million every four minutes. It reports that each day banks and building societies will hand out £1 billion in mortgages while 77 properties will be repossessed.

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