Opinion Former Article

CML: Keeping repossession in check

Our response to government plans to introduce universal credit outlines what is needed to encourage lenders to continue to invest in social housing. It also highlights some key omissions in measures that have been crucial in keeping mortgage repossessions in check during the current economic downturn.

Under existing arrangements for paying support for mortgage interest, borrowers receive help after 13 weeks on mortgages of up to £200,000. But this is due to be scaled back at the end of 2012. We argue that the existing arrangements should remain in place – at least for another 12 months.

Today’s issue also looks at sale-and-rent-back schemes, and concludes that there is clear evidence for reinforcing protection for consumers. And it reveals a delay in plans to introduce mortgage regulation in Europe, and looks at what this could mean for the UK mortgage market.

To see all the stories in full, go to the latest issue of CML News & Views.

Bernard Clarke
Council of Mortgage Lenders
020 7438 8923

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