The Bank of England’s supposed clampdown on the mortgage market will have barely any effect, said industry experts yesterday.

Lenders are already being ultra-careful, they said.

The Bank’s Financial Policy Committee yesterday announced that new mortgages lent on the basis of over 4.5 times the borrower’s income should represent less than 15% of an organisation’s new lending.

Lenders will also have to apply an interest rate stress test, to ensure that borrowers could still afford their mortgage repayments if Bank base Rates rises 3% at any point during the the first five years of their loan.

A consultation period is to take place between now and August 31, with the new rules due to come into effect on October 1.

But industry guru Ray Boulger told the BBC that it would make very little difference, and city watchdog the Financial Conduct Authority said: “This will only affect a small number of FCA regulated firms.”

However, it added: “We expect lenders to have regard to what the FPC has said.

“The FPC’s recommendations come after the introduction of the MMR in April and are consistent with our aim to hard-wire common sense into mortgage lending and ensure that mortgages remain affordable for consumers if interest rates rise in line with market expectations.”

Separately, housing minister Kris Hopkins yesterday announced that over 35,000 people have bought their homes using Help to Buy, launched in April last year.

Of that figure, 22,831 have bought new homes through Help to Buy’s shared equity scheme, and 7,313 have bought either new or second homes through Help to Buy’s equity loan scheme.

A further 5,173 have bought through Help to Buy’s NewBuy scheme.