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Restrictions may be placed on the size of initial mortgages by the Financial Services Authority (FSA), it has been revealed.

The regulations are up for consideration by Lord Turner in his review of banking policies as he believes limiting the size of home loans could have its advantages.

In his review, Lord Turner revealed: "The rapid extension of mortgage credit was a key factor in the origins of the financial crisis in the US, the UK and several other countries."

He added that the FSA’s September paper provides an opportunity for mortgage regulation to be put under the spotlight and to help reshape "future regulatory landscape".

In news which could interest those who need debt management, Lord Turner also announced that the individual bank strategies are proving ineffective, reiterating the need for a wider review.

Earlier this week, the FSA announced a rise in repossessions in the UK, with an increase of two-thirds seen during 2008.

It revealed that 46,750 properties were repossessed last year, up from 27,9000 in the previous 12 months.

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