CML welcomes right-to-buy consultation

Thursday, 22 December 2011 11:36 AM

CML RESPONDS ON RIGHT TO BUY CONSULTATION

Responding to today's announcement by the government of its consultation on a revitalised Right to Buy programme, Council of Mortgage Lenders director general Paul Smee says:

“In principle, we welcome this consultation on changes to Right to Buy, and support the proposal to replace on a one-for-one basis new RTB sales with a newly built affordable home.

"It is worth noting that the FSA's recently-published mortgage market review proposals would require advice to be given on all lending to Right to Buy borrowers, which is a significant protection that we think makes sense.

"As with all other mortgages, lenders will need to conform to all relevant regulatory requirements, reflect their own risk appetites and take account of both the borrower’s circumstances and whether the property represents adequate security, just as they do on all lending.”


NOTES TO EDITORS
1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 94% of all residential mortgage lending in the UK. There are 11.2 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The consultation can be found at http://www.communities.gov.uk/news/corporate/2057506


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