Sheppard said: “If a lender says that you’re not taking into account an interest rate rise, we can always counter that you’re not taking into account salary rise.
“A solicitor could go on to earn an extra 20,000 in a few years, but that is not something they are going to be looking into.
“Because of the worry about future affordability lenders are not going to have wiggle room.”
He also questioned how the future can be appropriately planned for anyway, such is the unpredictable nature of the market.
He said: “Where are you going to stress test to?
“Interest rates are not guaranteed to go to a certain level.”
