However, companies which grant mortgages or mortgage brokers which are attached to banks are all ineligible for the scheme.

The scheme guarantees bank lending of three months to 10 year maturity to UK businesses with a turnover of up to £25m who cannot easily access finance. The guarantee can support new loans or refinance existing loans where the loan is at risk.

Katie Taylor, political analyst at the Association of Mortgage Intermediaires (AMI), said: “We failed to see the rationale for excluding mortgage intermediary firms from this much needed government support, and so publicly called on the government to reconsider this exemption from the scheme. We then engaged in extensive lobbying activity to help further our cause.”