Reckless mortgage lending was blamed for the financial crisis of 2008, which brought some banks to their knees and saw people lose their homes.

In 2014, the business secretary of the time, Vince Cable, said he was appalled that some mortgage providers were lending five times a mortgage applicant’s income, suggesting a stable level was up to 3.5 times.

But house prices have risen significantly since, outstripping wage rises most of the time. So a bigger loan has become the only option for many potential buyers.

Regulation limited how much lenders were able to lend – technically, only 15% of their new mortgages could be at higher than 4.5 times loan-to-income. Many of the big lenders played it very safe meaning they didn’t get close to the limit.