Looking for the Council of Mortgage Lenders? Turn Your Attention to UK Finance

Formed in 1989, the Council of Mortgage Lenders (CML) was an organisation that represented the interests of the UK mortgage industry. In July 2017, however, it became part of a broader financial services trade organisation called UK Finance. 

Alongside CML, UK Finance has also subsumed the Asset Based Finance Association, British Bankers’ Association (BBA), Financial Fraud Action UK, Payments UK, and the UK Cards Association. The new name reflects the growing diversity of businesses (around 300 firms) this trade body now represents. 

Although UK Finance represents the collective interests of the UK banking and financial services industry, it is also dedicated specifically to providing “sustainable housing finance in the UK”. This is the branch of the trade body that has continued the legacy of the CML; to create a mortgage market that is fair, transparent, and accessible to all consumers. 

What Does UK Finance Do? 

Just like the CML, UK Finance promotes responsible lending and borrowing to ensure that the mortgage market works effectively for both sides. To do so, the organisation collaborates with policy-makers across the UK and EU, providing them with market data and analysis. This data helps policy-makers understand key market trends and the impact of previous or potential regulatory changes. 

Some of UK Finance’s current concerns revolve around:

  • Assisting homeowners affected by fire safety concerns.
  • Helping “mortgage prisoners” who have been blindsided by regulatory changes. 
  • Supporting people in the wake of the COVID pandemic. 
  • Lobbying for a greener and more sustainable future for housing.

As a mediator between borrowers and lenders, UK Finance is a much-needed voice in the UK mortgage industry. 

UK Finance Mortgage Lenders Handbook

One of the most important resources that the trade body provides is the UK Finance Mortgage Lenders’ Handbook, also known as the Council of Mortgage Lenders’ Handbook. The handbook outlines the various lending criteria of different mortgage lenders, making it crucial for home buyers, sellers, and conveyancing solicitors. 

Lenders all have specific borrowing guidelines to assess your ability to repay a loan. This means the interest rate, repayment schedule, and several other factors will vary according to your lender. The UK Finance handbook provides all this key information in one place!

Are You Facing Repossession?

At HMS, we have years of experience navigating the mortgage industry and stopping home repossessions. If you are struggling to keep up with payments, thinking about re-mortgaging, or already facing the threat of repossession, we can help.

Call us on 0808 109 3559 for free advice. We are dedicated to keeping you and your family in your home, and we have the knowledge and expertise to do so.