Some commentators believe this could make second-charge or buy-to-let mortgage finance applications take longer than before, although many specialist lenders are not regulated by the PRA.

Moreover, as underwriting processes are likely to take longer under the PRA guidelines, this could affect some clients who have been using bridging loans to help them build up their buy-to-let portfolios.

This is because a client with a "need for speed", according to Mr Montlake, could come up against an underwriting roadblock and could mean some landlords need to make sure they have enough time between the end of their bridging loan and the start of a longer-term buy-to-let mortgage. This is known as the 'exit strategy'.

Should the underwriting take too long, this could mean those professional property developers, who Mr Landy says are increasingly using bridging loans, may not have enough time to renovate a property before it can be refinanced with a buy-to-let loan.

simoney.kyriakou@ft.com