To this end, it has been heartening to witness the purple patch building societies are undergoing at present.

First came the news via the last Funding for Lending Scheme update that it was mutuals who were proving to be the most efficient at passing on drawn down funds to the borrowers who needed them most, namely first-time buyers.

This news was followed by the Building Societies Association (BSA) announcing that it accounted for 25% of the mortgage market in March, representing an 8% increase from 2012. Most importantly, the BSA’s figures revealed that 51% of mortgage products available to borrowers with a deposit of 10% or less now come from mutuals, showing that building societies are serious about helping new borrowers.

Sceptics will say that mutuals are merely capitalising on larger banks’ reticence to lend, but that is hardly the fault of building societies and, if anything, they are providing a valuable alternative while the bigger lenders operate at a differing capacity.

It is also probably fair to say that building societies aren’t saddled with as strict capital adequacy requirements as their banking counterparts, but again the blame for this can hardly be laid at their door.

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Whereas once size may have counted against mutuals, in the current climate they are finding that it is a bonus as they are able to outmanoeuvre their larger peers and bring a more flexible approach to lending. Smaller can often mean better service too and it may well be the case that building societies are benefiting from customers disillusioned with the bigger banks.

We have also seen mutuals willing to consider incorporating mortgage insurance guarantees into their lending at higher loan to value amounts which is another way they are differentiating themselves from the high street banks at present.

In an ideal world we would have every lender firing on all cylinders, but until this scenario reappears, we must be thankful that building societies have stepped up to the plate and are helping to keep product availability and mortgage activity levels stable.

Bob Hunt is chief executive of Paradigm Mortgage Services