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Concerns have been raised about the availability of funds in the mortgage market and how a shortage could impact lending.

Recent data released by the Council of Mortgage Lenders revealed that total lending in the mortgage market decreased by 43 per cent to £144 billion in 2009.

It was also found that the five biggest players in the market were dominating business, and accounted for 82 per cent of the total transactions.

Robert Sinclair, director at the Association of Mortgage Intermediaries, appreciated the fact that the big names were still facilitating business in the segment.

However, he pointed out that most of the business was being driven by first-time buyers and home-movers.

"If the remortgage market comes back there will be a significant squeeze on the availability of funds," he added.

Recently, the Bank of England's Monetary Policy Committee voted to keep the base rate at its historic low level of 0.5 per cent.