CCCFA an opportunity for advisers

The Squirrel founder believes the forthcoming Credit Contracts and Consumer Finance Act changes, which put additional emphasis on lenders to review customer affordability, will "slow things down" in the application process.

While loan applications will become more "painful", Bolton says, the complexities should play into the hands of brokers.

Bolton believes more home loan clients will seek specialist help after being turned down by their bank.

"Suddenly it's gonna feel very difficult for customers dealing with their own bank. But brokers should be having a party on this, because suddenly they will have a lot of customers."