The Council of Mortgage Lenders, or CML, is a trade association that represents lenders who offer residential mortgages to consumers in the United Kingdom.
What is the CML?
The CML was established in 1988 and is a non-profit organisation. Its members include banks, building societies and other lenders who offer mortgages to consumers in the UK. The CML’s aim is to ensure that consumers have access to a fair and competitive mortgage market, and that lenders are able to operate in a stable and sustainable environment.
What does the CML do?
The CML’s main role is to represent the interests of its members and the wider mortgage industry to policymakers, regulators and the media. The organisation provides research and analysis on the mortgage market, and produces regular reports on industry trends and developments.
The CML also works to promote best practice among its members, and provides guidance on issues such as responsible lending, financial crime prevention and mortgage fraud.
How does the CML benefit consumers?
One of the key benefits of the CML is that it provides a voice for consumers in the mortgage market. By working with policymakers and regulators, the CML is able to ensure that consumers are protected and have access to a range of mortgage products that meet their needs.
The CML also provides useful resources for consumers, such as mortgage calculators and guides to the home buying process. These resources can help consumers to make informed decisions about their mortgage and ensure that they are getting the best deal.
Who can join the CML?
The CML is open to any lender who offers residential mortgages in the UK. This includes banks, building societies and specialist lenders. Members must adhere to the CML’s code of practice, which sets out standards for responsible lending and treating customers fairly.
What are the CML’s priorities?
The CML has a number of key priorities, including:
- Promoting a stable and sustainable mortgage market
- Ensuring that consumers have access to a range of affordable mortgage products
- Promoting responsible lending and borrowing
- Working with policymakers and regulators to ensure that the mortgage market is well-regulated and consumer-friendly
What are some of the CML’s recent achievements?
The CML has achieved a number of notable successes in recent years, including:
- Working with the government to introduce the Help to Buy scheme, which has helped thousands of first-time buyers to get onto the property ladder
- Developing the Mortgage Market Review, which introduced new rules to ensure that lenders only lend to borrowers who can afford to repay their mortgage
- Working with regulators to implement tougher rules on mortgage fraud and financial crime prevention
What’s next for the CML?
The CML will continue to work to promote a stable and sustainable mortgage market that benefits consumers. This will involve working with policymakers and regulators to ensure that the industry is well-regulated and that consumers have access to a range of affordable mortgage products that meet their needs.
The CML will also continue to provide guidance and support to its members, helping them to operate in a responsible and sustainable way that benefits both consumers and the wider industry.
Conclusion
The Council of Mortgage Lenders plays an important role in the UK mortgage market, representing the interests of lenders and consumers alike. By promoting best practice and working with policymakers and regulators, the CML helps to ensure that consumers have access to a fair and competitive mortgage market that meets their needs.