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Mr Whitehouse said while intermediaries may be feeling the pinch of the current financial climate, there were trade bodies, mortgage clubs and a number of outsourcing opportunities available to them.

He said directly authorised firms were in a "prime position" to explore new sectors and gain access to additional income streams.

Flexibility and freedom of choice across the whole of the market would be key, he said.

Mr Whitehouse said: "Historically the mortgage market has been full of choice and flexibility and despite the turbulence of the current financial climate these key elements remain in abundance.

"While the debate on the merits of being directly authorised or an authorised representative continues, directly authorised firms still have a plethora of choice in terms of support they can receive from various elements in the marketplace.

"In times where maximising opportunities is of utmost importance looking at creating relationships and affiliations across a number of sectors must be a high priority. However, it is vital firms choose their partners wisely and look to ones who will genuinely add value to their proposition."