Mortgage searches from first-time buyers fell 35 per cent during April on an annual basis, says Trussle.

Between March and April alone there was a 53 per cent drop in submissions from this cohort of potential borrowers, it adds.

Trussle says that the stop on physical valuations alongside the removal of high-LTV products from the market is one reason for this.

In fact, on 11 May, Moneyfacts issued data that showed that from March, product choice at 95 per cent LTV five-year fixed rates fell from 142 to 11 – or 92 per cent – and 95 per cent LTV two-year fixed rate product numbers dropped from 137 to 11, a 92 per cent fall.

Trussle adds that the furlough scheme is impacting both first-time buyers and higher earners.

“Many lenders will only consider 80 per cent of a furloughed customer’s income in affordability calculations, provided that the applicant has confirmation that they’ll be going back to work. As there’s a monthly cap of 80 per cent of salary paid up to £2,500 for furloughed workers, people earning more than this will be impacted more significantly,” says Trussle head of mortgages Miles Robinson.

“While other lenders won’t accept furloughed customers at all, we’ve seen flexibility from those who are accepting customers on furlough and we’ve helped a number of customers in this position to secure mortgages. The criteria has been changing frequently during these times, so anyone who has been furloughed should seek professional mortgage advice,” he adds.

Trussle also notes that applications for remortgages have risen 110 per cent on an annual basis in April.