Under the proposals, self-certification mortgages will be banned and lenders will be required to verify borrowers' incomes. Under these changes, some of the people who have until now been awarded mortgages will no longer be able to.
Allison Chatto, head of debt recovery at national law firm Simpson Millar LLP, said these proposals are unreasonable for homebuyers: "While steps to make lenders more responsible for assessing consumers' ability to pay are long overdue, it is unfair to place a blanket ban on self-certification mortgages.
"These proposals will make life even more difficult for self-employed and first time buyers looking to secure a mortgage and there seems to be no counter proposals from the Government to assist them."
The plans may insist on regulating potential home owners but leave lenders free to continue offering 100% mortgages at over a certain multiple of borrowers' incomes.
Allison added: "A minority of borrowers in the UK have poor credit ratings through no fault of their own but they will be the casualties of these proposals which seem to target consumers and go easy on lenders."