Recent financial turmoil should not pose any extra difficulties to first-time buyers who are trying to secure a mortgage, according to an industry expert.

Since the credit crunch began, a number of mortgage providers, such as Alliance & Leicester, Abbey and Halifax, have adjusted the rates at which they offer their home loan products, sparking fears that it would be even harder for buyers to purchase a property.

Bernard Clarke, from the Council of Mortgage Lenders, said: "At this stage there doesn''t appear to be any indication of there being any higher costs for first-time buyers in particular."

"First-time buyers have had affordability problems for a considerable period of time. Those have been driven by the rise of property prices relative to incomes, and that’s much more significant for affordability," he added.

Recently, Abbey launched an 125 per cent mortgage, lending borrowers the full value of a property plus 25 per cent, in a bid to make it easier for buyers to get on the ladder as prices continue to climb.

Despite speculation that the current situation would contribute to a slow down, Mr Clarke commented that it was unclear as to what impact it would have "as we don’t know how long the current funding problems will persist".