First-time buyer? Save hard, don't go out or go on holiday

HOUSE-HUNTERS in Guernsey are finding it harder than ever to get a mortgage, according to estate agents.

Last week the Bank of England warned of tougher credit checks due to job uncertainty and people defaulting on loans.

Its latest findings show credit-scoring criteria have tightened over the past year, a situation expected to get even stricter over the next three months.

Although Guernsey's unemployment figures are not as high as in the UK, estate agents here say they have noticed a definite shift.

'It's fair to say people have found it harder and equally people have reduced the price range they are looking at,' said director of Swoffers Spencer Noyon (pictured).