Homeowners must find a way to pay their mortgages if interest rates rise because they will not be guaranteed a helping hand, the governor of the Bank of England has warned.
Mark Carney's message came after BoE figures showed mortgage approvals hit their highest level since February 2008, while total household debt reached a new record last month.
The recently-appointed Canadian governor urged would-be buyers to think of the debts they were taking on and whether they would be able to repay a 25-year or 30-year mortgage rather than relying on rising property values.
He told The Guardian: "Are you going to be able to service that mortgage five years from now, 10 years from now, if interest rates are higher?
"Or are you counting, even subconsciously, on the price of your house keeping going up and if something happens an ability to sell it quickly and not facing the consequences of not being able to pay?"
Against the market background where there is strong demand among would-be buyers to get on the property ladder, Mr Carney noted his concern about the lack of new homes being built.
It is hoped that strategic decisions made now to try to control mortgage lending will avoid the need for severe and drastic policy actions to be taken if there is a bubble in the property market.
Mr Carney says people with mortgages must think of the consequences Mortgage approvals are running at levels not seen since Northern Rock was nationalised in February 2008.
Mr Carney said: "The right way to do policy - to protect against the boom and bust cycles - is to act early in a graduated, proportionate way - and that reduces the probability of having to act in a bigger way later."
Earlier this week the BoE confirmed its Funding for Lending Scheme (FLS) would no longer support mortgage borrowing from January to help prevent the market overheating and future debt risks.
The project, which was introduced in August 2012, offers lenders cheap money in return for loans to customers. It is to be limited to business lending from 2014.
Mr Carney said to try to use interest rates as a way of cooling down the housing market would be a "very blunt tool" as it could hurt recession-hit sectors of the economy which are starting to make a comeback.
He also called for "prudence" from lenders.
The BoE could also keep a watchful eye on the situation, he suggested, and try to head off a housing bubble by calling on regulators and lenders to cap the size of a mortgage compared to the value of the house - the so-called loan-to-value (LTV) ratio.
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