Huge win for buyers' as Nationwide offers mortgages worth six times their income

However, Dariusz Karpowicz of Albion Financial Advice reminded Britons that "rate is still king when it comes to making decisions", suggesting that while helpful, the scheme's success may ultimately depend on the competitiveness of its interest rates.

However he concluded: "If wages don't keep pace with rising house prices, we could start seeing lenders offering mortgage terms stretching long into retirement.

"Flexibility is great, but affordability will always be the driving factor for most buyers. It’s possible that more and more borrowers, especially younger ones, will opt for these future-proof products, but only if the price is right."