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We will see further consolidation in the market, which can and will be directly or indirectly attributable to credit conditions. This consolidation is likely to be across all facets of our industry from advisers to mortgage companies, surveyors and technology providers.

Some of this consolidation will be through choice, others maybe through necessity. My expectation is the market into which we will emerge is unlikely to be like what we have had in previous years.

As for the quality of the mortgage business lenders receive from its distributors, Woolwich has through its pricing, policy and risk always sought secure, quality applicants and applications from its adviser partners.

What none of us can predict is the situation where an individual's circumstances change in the future and which may then put a strain on their finances.

Both adviser and lender can only make the lending decision based on the information available to them at the time of application, hence the lender's criteria and attitude towards policy and risk is, as ever, highly important.

David Finlay is intermediary business director for Woolwich