When it comes to buying a home, one of the biggest hurdles is often securing a mortgage. If you’re looking to take out a loan to buy a property, it’s important to understand the role of the Council of Mortgage Lenders (CML) in the process.
What is the Council of Mortgage Lenders?
The CML is a trade association for mortgage lenders in the UK. It was established in 1988 and represents a wide range of lenders across the country, from large banks to smaller building societies.
The CML’s main role is to promote a stable and sustainable mortgage market in the UK. It does this by providing industry information and statistics, as well as lobbying the government on behalf of its members.
What Does the Council of Mortgage Lenders Do?
The CML provides a range of services to its members, including research and analysis of the mortgage market, training and education programs, and networking opportunities.
One of the CML’s main functions is to gather and publish data on the UK’s mortgage market. This includes information on lending volumes, interest rates, and arrears and repossessions.
The CML also works closely with the government and other industry bodies to ensure that the interests of its members are represented in policy decisions. For example, it has lobbied for changes to stamp duty rules and for greater support for first-time buyers.
Who is a Member of the Council of Mortgage Lenders?
The CML has a broad membership base, encompassing a wide range of lenders across the UK. This includes banks, building societies, and specialist mortgage lenders.
The CML has over 100 members, including many of the UK’s largest mortgage lenders. Some of the biggest names in the industry, such as Barclays, HSBC, and Nationwide, are all members of the CML.
What Are the Benefits of Using a Lender Who is a Member of the Council of Mortgage Lenders?
Choosing a lender who is a member of the CML can provide peace of mind when taking out a mortgage. This is because the CML has a strict code of practice that its members must adhere to.
The code of practice covers a range of areas, including responsible lending, treating customers fairly, and dealing with arrears and repossessions. Members who fail to meet the standards set out in the code can face disciplinary action from the CML.
By choosing a lender who is a member of the CML, you can be confident that they are committed to responsible lending and treating customers fairly.
How Can You Find Out if Your Lender is a Member of the Council of Mortgage Lenders?
If you’re unsure whether your lender is a member of the CML, you can check the CML’s website for a full list of members.
Alternatively, your lender should be able to tell you whether they are a member of the CML if you ask.
Conclusion
Understanding the role of the Council of Mortgage Lenders is an important part of the homebuying process. By choosing a lender who is a member of the CML, you can be confident that they are committed to responsible lending and treating customers fairly.
Whether you’re a first-time buyer or an experienced homeowner, it’s always worth taking the time to research your options and choose a lender who is right for you.