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CML responds to Scottish government housing announcement

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Wednesday, 25, Jun 2008 12:00

Commenting on today’s statement by Nicola Sturgeon, Deputy First Minister, Kennedy Foster, CML Scotland policy consultant said:

“We look forward to further discussion on these issues and policies with the Scottish government. Conditions in the mortgage and housing markets remain volatile as a result of the credit crunch and we urge the government to proceed with caution in the increasingly uncertain economic environment.

“The creation of the homeowners’ support fund is a welcome move and will reinforce the steps lenders are taking to support borrowers in difficulty. We look forward to consulting with the Scottish government on this fund and fully support calls for the UK government to reform Income Support for Mortgage Interest. We hope that these moves will encourage Ministers down in Westminster to stop dragging their heels on reforms to the state safety net, which are urgently needed to help those borrowers who encounter a severe change in their financial circumstances.

“We are also pleased to see recognition of the important part lenders play in the delivery of new social housing and confirmation of the regulator's role in reassuring lenders on the governance and sustainability of registered social landlords. The Scottish government should be aware, however, that in the present environment reliance on open market sales to subsidise registered social landlords' development looks increasingly unsustainable.”

NOTES TO EDITORS

1. The Council of Mortgage Lenders' members are banks, building societies and other lenders who together undertake around 98% of all residential mortgage lending in the UK. There are 11.8 million mortgages in the UK, with loans worth over £1.2 trillion.

2. The announcement by Nicola Sturgeon is here.

3. CML Scotland's members are drawn from 21 active mortgage lenders in Scotland. CML Scotland meets under its chair Crawford McCaughie (Dunfermline Building Society) to discuss important housing and lending issues in Scotland. The latest quarterly data on the Scottish mortgage market is here.

4. The steps lenders are taking to help borrowers in difficulty are outlined here.

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