Britons who own their own home are less likely to be affected by the recent credit crunch, according to the Bank of England.

In the minutes of this month's monetary policy committee (MPC), held on October 3rd and 4th, the committee notes that banks are more likely to provide secured home loans than unsecured forms of lending.

The Credit Conditions Survey undertaken by the Bank recently identified an intention to raise the cost of lending to individuals, the MPC explains.

But in the meeting, the committee members observed that "conditions facing the household sector appeared, for the moment at least, to be less affected by the financial turbulence".

"Banks reported in the Credit Conditions Survey that they did not expect to reduce the availability of credit to households over the next three months," they add.

As a result, secured home loans could become an increasingly attractive proposition to homeowners leading into the new year.

This month, MPC member Professor David Blanchflower voted to reduce rates - the first time in three months that anyone on the committee has rejected Bank governor Mervyn King's proposal to maintain the current base rate.ADNFCR-1287-ID-18324002-ADNFCR

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