Lord Turner's proposal to limit loan to value mortgages in order to prevent price bubbles in the property market has come in for some criticism. Bernard Clarke, communications manager at the Council of Mortgage Lenders (CML),  commented"We don't think that that's an appropriate approach; we think it's a blunt tool in terms of addressing the real sources of consumer detriment." Clark also said that the CML opposed credit control because it could exclude consumers who could otherwise afford the mortgage. Before the debt crisis, lenders like Northern Rock are known to have made mortgages with an LTV of 125 percent.

According to the website Unbiased.co.uk, the historically low mortgage rates could be giving many homeowners the chance to build up extra equity in their homes. 31 percent of all homeowners have opted to remain on a Standard Variable Rate (SVR) mortgage as compared to 23 percent in January 2009. Best buy SVR mortgage options continued to be cheaper than fixed rate options. Statistics published by the Bank of England show that two year fixed-rate mortgages at 3.88 percent in February 2010 were at their lowest since July 2003 and compared with 4.35 percent in February 2009 and 5.74 percent in February 2008.

"With the number of mortgage deals slowly increasing, homeowners need to make sure they aren't missing out on getting the best deals before the base rate starts to rise again," said Karen Barrett, chief executive of Unbiased.co.uk.

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