As defaults increase, banks are making it more difficult to obtain a mortgage.

The Bank of England conducted a survey of credit providers and found that secured credit availability to households is expected to decline over the next three months.

The same data showed that defaults on mortgages and secured loans were increasing. The banks surveyed said they expected default rates to continue rising as homeowners remortgage deals that were secured at close to zero percentage rates.

As default rates for unsecured loans continue rising, banks are also reducing the interest-free credit card periods.

Analysts believe banks are taking a more cautious approach after the fall of Silicon Valley Bank, and sale of Credit Suisse.