Nationwide has revealed that for lending over 85 per cent, would-be borrowers who are on furlough schemes will not be able to apply.

Those who have been on such a scheme must have returned to work fully, the lender adds, as well as no longer being in receipt of any furlough income.

This comes after Nationwide detailed the criteria for its new products aimed at first-time buyers, including the news that they cannot be used on flats, no doubt a blow to people in cities such as London, where house prices are beyond the affordability of many younger borrowers.

It a note to brokers, Nationwide adds that no fully gifted deposits will be allowed, either.