Commenting on the issue, the director of the Association of Mortgage Intermediaries, Robert Sinclair, said that the government must reinvent mortgage indemnity guarantees emphasising on consumer benefit.

He claimed this would allow lenders to increase their capacity to offer loans and would therefore extend the availability of mortgages to people such as first-time buyers.

In April’s Budget, he said it is crucial that the government considers both supply and demand side in order to re-boot the mortgage market.”

This month, Steve Turner, the head of communications at the Home Builders Federation, said that the banks should be more confident to lend money to consumers in the form of mortgages.

Doing this would make it easier for people to get home loans and would improve the state of the UK’s property market dramatically.

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