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According to the latest Credit Conditions Survey, government action - such as the introduction of quantitative easing - has helped the ability to secure credit to increase for the first time since the third quarter of 2007.
The Bank has so far purchased over £100 billion worth of assets under the scheme and has also cut interest rates to a record low of 0.5 per cent.
Paul Samter, an economist at the Council of Mortgage Lenders, welcomed the resuls, describing them as "positive news".
"Lenders expect this trend to continue in the next few months, with a modest expansion in access to mortgages at higher loan-to-value and loan-to-income ratios," he stated.
However, Mr Samter warned that it is "extremely unlikely" that volumes of lending will return to the levels seen before the onset of the economic downturn.
