MMR will be intrusive

He stated that it is now part of an adviser’s job is look at bank statements to judge a buyer’s lifestyle, and said anyone with a payday loan to a company like Wonga would quite rightly not be given a mortgage for 12 months.

Carrington said: “Once you sit down and think about what the MMR is trying to do it supports the need for advice to be given.

“This point about children; this point about how much money they spend on holidays, all of the things that previously were not directly relevant to affordability are now directly relevant.

“Otherwise if you’re going round to the lenders directly yourself you have to understand the prices of every lenders and that is what advisers do.”

He felt that mainstream publications such as The Daily Mail will scandalise how intrusive MMR will be once it launches from April.

He added: “What you say to people is our advisors will help you get that house, it’s not just about getting the deal.

“Unemployment protection, illness protection, income protection, critical illness – for us it is more a holistic advice.”

He compared the outcome of the review to the recent case of HSBC restricting large cash withdrawals from customers until they told the bank why.

He said: “I think that is probably a bit heavy handed but you can see why they are doing it and I suppose it depends where you are sat in the equation.

“If you are a bank customers you think it is your money.”