First time buyers have been warned that getting their first mortgage may become more difficult thanks to the ‘credit crunch’. The warning came from one of the Bank of England’s Monetary Policy Committee (MPC) members, Kate Barker. In a speech in Chelmsford Ms Barker said: 'We may see prices fall this year, but because of credit conditions, affordability will probably not improve at all. Finding deposits has become more difficult because of the credit crunch this week. Young households face difficulties.'