11 Aug

CML welcomes Treasury Committee's mortgages report

CML welcomes Treasury Committee's mortgages report

The Council of Mortgage Lenders (CML) has welcomed the Treasury Committee's report on mortgage arrears and access to mortgage finance.

Sharing the committee's view that the FSA should take action in the minority of cases where there are legitimate findings of poor practice, the CML has expressed agreement that the position on fees and charges for those in arrears should reflect the actual work carried out.

CML head of policy Jackie Bennett said that the mortgage industry is completely engaged with helping consumers who have a strong chance of getting back on track and sustaining their home-ownership once the recession lifts.

"Lenders remain committed to helping borrowers who fall into difficulty, where those borrowers are talking to their lenders and committed to helping themselves," she said.

Meanwhile, the Bank of England announced last week that the base rate of interest is to be held at 0.5 per cent at least until the September meeting of its Monetary Policy Committee.

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