First-time buyers would be the main beneficiaries of combined mortgage and personal loan products, 73 per cent of mortgage brokers believe.

According to research carried out by Alliance & Leicester, 54 per cent of the mortgage brokers questioned also felt that those first-time buyers with little or no deposit would have the most to gain from such a product being available on the market.

In addition, 19 per cent felt that it would aid buyers looking to cover additional costs, such as home improvements or furnishings.

The study also found that 58 per cent of brokers predict that the market for mortgages of over 100 per cent loan-to-value will continue to grow, with 22 per cent of brokers feeling that such products help first-time buyers get a foot on the property ladder at an earlier stage.

"When innovative products come onto the market, it's important they actually fill a gap and help those who need it most," said Jeremy Claridge, head of specialist mortgages at Alliance & Leicester.

"Rising interest rates and house prices means first-time buyers need flexible products that will help them get onto the housing ladder."