Figures from the British Bankers' Association (BBA) show that number of new mortgages has fallen by 46 per cent.
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Young people are finding it increasingly difficult to put money away for a house deposit, research has found.
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People will no longer be able to afford mortgages unless serious action is taken by the Bank of England it has been claimed.
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The lack of availability of zero per cent deals on credit cards is having a "knock-on effect" on other financial products, it has been claimed.
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